According to a special report issued this week by AM Best, captives survived the economic collapse but Solvency II’s implementation presents considerable problems for the industry.
The Cayman Islands Monetary Authority recently entered into a consultation process with industry regarding a new corporate governance regime. Captive International spoke with Rob Leadbetter.
The Cayman Islands licensed 52 new captives during 2012, with a further 15 expected to receive approval this year. Formation numbers are a 58 percent improvement on those in 2011.
The Royal Cayman Island Police Service (RCIPS) has confirmed that Cayman Island Premier McKeeva Bush was arrested and then released on bail on Tuesday night.
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.
During a speech at the 2012 Cayman Captive Forum, Mark Scotland announced the passing of a new regulations under the Cayman Islands Insurance law (2010), including the fee schedule for captives.
The American Overseas Group (AOG) has announced plans to move its captive from Bermuda to Barbados on or around December 7th of this year.
The Cayman Islands captive insurance industry has rolled out a new brand at the RIMS 2013 conference to promote “its integrity and transparency”.