Economic disruption wrought by COVID-19 continues to impact decision-makers across industries. The insurance sector was no exception to the hardening marketplace, particularly for actors within the healthcare sector. Boards of directors require a creative and flexible approach to weather this storm, write Dara Keogh, Alan Shek and Preshan Moodliar of Grant Thornton.
Setting up reinsurance companies in jurisdictions such as Bermuda or Cayman gives life insurers significantly more flexibility to manage the complex challenges they face, such as interest rate and longevity risk, says Patrick Ferguson of Marsh.
When starting a captive insurance company in a foreign jurisdiction such as the Cayman Islands or Bermuda, many prospective captive owners may be excited about the potential tax benefits. However, these tax benefits should never be a primary reason to form a captive, says Daniel Greaves of Grant Thornton.
Captive International has named the winners of the Captive International Cayman Awards, which recognise the best-in-class providers across the full spectrum of disciplines active in the captive insurance field. They are based on feedback received from the captives industry, and in particular from readers of Captive International.
Some of the winners of our inaugural Captive International Cayman Awards gathered at a roundtable event in the Cayman Islands, delivered by Captive International and hosted by KPMG. The event, which took place before COVID-19 truly came to the fore, represented an opportunity for the winners to share insights on the captive insurance landscape in Cayman and discuss opportunities around its future growth and success.
As a generation of experienced captive insurance professionals retires, the industry is at risk of losing a reservoir of experience, brainpower and knowledge. The community as a whole needs to do more to ensure it hires new, young talent to absorb this knowledge—before the baby-boomers are all gone, says Jeff Kehler at Somers Risk Consulting.
Cayman’s captive insurance and reinsurance markets are seeing exciting new trends, with new business lines creating value for existing and future stakeholders, say Aon’s Howard Byrne and Ghislain Ghyoot, and PwC’s Ricardo Agrella.
Micro captive growth has slowed down considerably as potential owners digest the implications of IRS manoeuvres against the industry. But the presence of a few bad apples should not detract from the good work done by most captives, says Jeremy Colombik of Management Services International.
From high profile court cases to new regulations and M&A, 2018 has been an eventful year for the captive insurance industry—and 2019 could bring further changes. Nate Reznicek, director of operations at CIC Services, shares his views.
The Cayman Islands has been placed on the EU’s ‘grey list’ of cooperative jurisdictions—but what does this mean for the domicile, and by extension the captive insurance sector? Cayman Captive reports.