14-Aug-2015

CAYMAN AWARDED TOP OFFSHORE DOMICILE FOR CAPTIVES

The Cayman Islands has been recognised at the 2015 US Captive Services Awards, winning the top prize in the 2015 ‘Offshore Captive Domicile’ category.

Cayman won the award by demonstrating its ongoing commitment to the captive sector and by passing new Portfolio Insurance Company (PIC) legislation at the start of 2015. The panel of judges was particularly impressed by Cayman’s innovation and the jurisdiction’s leading expertise in healthcare captives.

The Cayman Islands was up against strong opposition from other top tier domiciles for this highly sought after prize. The US Captives Services Awards were established in 2012 and more firms than ever entered the awards competition, held in Vermont, USA this Tuesday evening, with over 74 firms vying for prizes on the night.

Kieran O’Mahony, chairperson of the Insurance Managers Association of the Cayman Islands, commented: “We are delighted that Cayman has again received this prestigious honour. This award acknowledges Cayman’s significant and sustained efforts in ensuring it offers progressive, leading edge legislation and sophisticated solutions to captives and the alternative risk transfer universe. These solutions, developed in consultation and collaboration with clients, industry stakeholders, government representatives and the regulator, coupled with the availability of world class industry professionals on-island, are the pillars of Cayman’s success. It is gratifying that these Cayman advantages are recognised on a global stage and by our industry peers.” 

Cayman Islands based law firm, Solomon Harris, took the top prize in the ‘Offshore Law Firm’ category and was recognised for the important role the firm played in Cayman’s innovative new captive legislation. Solomon Harris insurance partner, Paul Scrivner, was commended for his involvement in the new PIC legislation.

Judges at this year’s awards included experts from STICO Mutual Insurance Company RRG, OU Physicians, Anderson Kill Wood and Bender, Subaru and Walgreens.

The Cayman Islands is a jurisdiction recognised worldwide as an international financial centre of the highest calibre. It is the second largest captive insurance company domicile in the world with approximately 725 licensees. Leading financial institutions, Fortune 500 companies, hospital systems, insurance agencies, private and public businesses, insurance and reinsurance companies from across the globe have chosen Cayman as their jurisdiction of choice.

The 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 nearly 1,500 captive managers, service providers and directors annually. This year the event will be held on December 1 – 3 at the Ritz Carlton in Grand Cayman.

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