The healthcare industry in the United States is undergoing exceptional transformation, sparked as a consequence of the Affordable Care Act in the USA and the ripple effect changes that have ensued. Mergers and acquisitions, expanded health coverage for millions of previously uninsured people, and the rising costs of healthcare have all contributed to the healthcare industry looking more carefully at how the health of a community is both managed and delivered.
The Cayman Islands, the world’s leading healthcare captive domicile, with a 40-year successful track record of operating in the healthcare captive industry space, continues to partner with healthcare systems to provide innovative solutions to the new, larger and more integrated and complex healthcare systems.
“What we are seeing industry-wide is the effect of two opposing forces,” said Kieran O’Mahony, Chairperson of the Insurance Managers Association of Cayman (IMAC). “On the one hand we are seeing healthcare systems merge due to a drive for synergies and economies of scale, so where there were two or even three captives heretofore, now post-merger, only one remains, which reduces the overall number of captives. On the other hand, there is an increase in the size, capitalization and usage of the remaining captives as they take on new and expanded areas of risk that would not have even been contemplated a mere 5 years ago –such as cyber, non-employed physicians and employee medical stop loss risk,” he continued.
The Cayman Islands sponsored an in-depth webinar in collaboration with AMBest around healthcare captives in May of this year, featuring Bruce Whitmore, VP and Senior Consultant of Willis Global Captive and National Healthcare Practices; Dominic Colaizzo, Chairman of National Health Care Practice for Aon; Holly Meidl, Healthcare Practice Leader of Marsh; and Adrian Lynch, Managing Director of Aon Cayman. The webinar can be viewed in full at the AMBest website here.
Cayman captive insurance industry representatives are currently in Quebec City, Canada speaking to Canadian businesses about the proportionate, risk based regulation and the proven track record that Cayman provides as a captive domicile. Cayman is also gearing up to participate in the upcoming ASHRM conference, a healthcare risk-specific conference where many American healthcare providers converge to discuss relevant, current issues. IMAC will be again hosting a networking event for clients and other interested parties as part of their involvement at the conference.
For more information on the Cayman Islands as a captive insurance domicile, visit www.caymancaptive.ky.