13 December 2012Analysis

Cayman captive industry thriving, according to IMAC

Gordon Rowell, head of insurance supervision at the Insurance Managers Association Cayman (IMAC), confirmed at this years’ general meeting that the captive insurance industry is thriving despite the troubled global economy. According to Rowell, 2012 has been the busiest year in recent memory, with a 57 percent increase in license applications over the same period in 2011. Rowell also pointed out that the assets of existing licensees has grown considerably, passing the $88 million mark.

Rowell chalked Cayman’s success up to three major factors: excellent personal attention provided by Cayman’s service providers and the regulator, the implementation of the new Cayman Islands Insurance law, which was “designed to be responsive and allow business to flourish”, and the regulatory framework which, according to Rowell, “addresses entities based on the nature, scale and score of risk.”