The Cayman Islands Monetary Authority has licenced three new captive managers, filtering global captive business into one cohesive domicile. It is important for captive managers to choose an environment that has an established track record and the continued success of Cayman's captive industry stems from its political stability, its connection to the United Kingdom as an overseas territory, its compliance and regulatory regime, the implementation of the new Insurance Law (2010) and the new PIC legislation. "We are very pleased to welcome three new captive managers to Cayman," said Robert Leadbetter, Chairperson of the Insurance Managers Association of Cayman (IMAC) "Success breeds success and as Cayman’s captive insurance market continues to grow, new managers will seek to establish themselves here. This growth is welcomed and allows Cayman to widen its competitive edge in the captive market."
Somers Risk Management Ltd, was licenced as a Cayman captive manager on September 4, 2013. Patriot Captive Management, was licenced on December 24, 2013, and, R&Q Quest Management Services (Cayman) Limited, was licenced on January 30, 2013. All three of these newly licenced captive managers will bring Cayman a wealth of experience in the captive industry and help ensure that Cayman continues to be properly positioned to maintain its high rankings in the captive insurance industry.
There are over 5,000 captives globally and Cayman remains the second largest domicile in the sector, in particular via its niche in the healthcare space. Through Cayman’s progression to modernise legislation, and to feed the healthy regulator-to-industry relationship, a constructive business environment has been formed, thus increasing captive and reinsurance business to find its way to this jurisdiction.
“2013 continued to show steady growth for the Cayman Islands, as a top-rated domicile for captive insurance companies, with 39 licenses issued for Class “B”, “C” and “D” Insurers and an increase of 3% in the total number of licenses to 761. During the year, three more Insurance Managers were licensed in Cayman, which speaks about the health and growth of Cayman’s Captive Insurance Industry as a whole.” Pedro Reis, Deputy Head Insurance Supervision, Cayman Islands Monetary Authority.
Visit the new IMAC website at www.imac.ky view a library of information on Cayman’s captive insurance industry and follow @caymancaptive for informative industry discussions.
Insurance Managers Association of Cayman (IMAC) is a non-profit organisation run by the insurance managers of the Cayman Islands. In operation since 1981, IMAC’s aim is to act as both regulatory liaison with the Cayman Islands Government and to promote the Cayman Islands as a domicile of choice for captive insurance companies.
IMAC hosts the world’s largest captive insurance conference, attracting 1,400 captive managers, service providers and directors annually.