It is an exciting time to be in the insurance business in the Cayman Islands. The industry is vibrant and there is an energy here that is fostering and is fostered by, innovation.
On 25 March 2013 the Insurance (Amendment) Law (the “Amendment Law”) was enacted to allow Cayman Islands segregated portfolio insurers (“SPC insurers”) to incorporate their cells for the first time.
With many European countries addressing sovereign debt issues and the impact of quantitative easing still yet to materially affect the US economy, the Cayman Islands continues to move forward, with a rating of Aaa.
Despite initial concerns that competition would slow the growth of the captive industry in the Cayman Islands, 2012 has ultimately been successful for Cayman , and the industry is showing no signs of waning.
Richard Coles, chairman of Cayman Finance, outlines the success of another sterling year for the Islands’ captive sector and looks forward to this year’s Cayman Captive Forum.
Many pluses accrue to a parent from owning a captive: stability of pricing, freedom from the commercial market and improved long-term cash flow, to name just a few.
Captive parents are increasingly considering adding additional and more complex lines to the roster. What lines can they potentially add and what are the benefits of doing so?
In choosing a home for its captive the Caribbean Catastrophe Risk Insurance Facility opted for Cayman’s welcoming shores. We discover the reasons and its significance to the natcat coverage of the region.
Paul Scrivener, partner with Cayman Islands law firm Solomon Harris, outlines proposed new legislation to permit Cayman Islands segregated portfolio company insurers to incorporate their cells.
With experience of a number of recent high profile maritime disasters, Andrew Cater of the United Insurance Company discusses the relevance of a captive solution to cover complex maritime risks.