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Cayman Islands Remain A Strong Lure For Captive Insurers,
by Amanda Banks, Tax-News.com, London 02 November 2004
Six weeks on from Hurricane Ivan, and with the country’s infrastructure slowly coming back on stream, the Cayman Islands Monetary Authority has reported that strong interest continues to be shown in the jurisdiction’s captive insurance sector.
According to CIMA, in the weeks that have followed the devastating hurricane, nine licences have been granted to captive insurance companies, and the authority has also issued an insurance management licence to Strategic Risk Solutions (Cayman) Limited.
Brady Young, President of SRS, noted: “There is a strong demand among current and prospective captive owners to domicile their companies in Cayman. As a captive manager it is important for us to be present in this domicile.”
Meanwhile, Mary-Lou Gallegos, CIMA’s Head of Insurance, reported strong interest in the Caymans’ captive sector from the United States after attending the American Society for Healthcare Risk Management’s 2004 Annual Conference & Exhibition last month.
“The number of new prospects interviewed at this conference who expressed an interest in forming captives in Cayman, despite the devastation caused by the hurricane, is encouraging,” observed Ms Gallegos.
“Furthermore, it speaks volumes of the insurance managers’ commitment to continue to bring business to the Islands, and in general, the sustained confidence in the jurisdiction,” she added.
According to CIMA, the Caymans continue to do brisk business in other sectors of the financial services industry.
The Authority revealed that it has processed more than 120 mutual fund registrations, whilst granting approval for three securities investment business licences, two companies management licenses, one trust company, and a banking entity in the weeks following Hurricane Ivan.
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