Cayman’s captive insurance industry has generated a total of $100 million for the island’s economy in 2016, with results from an economic impact survey having been recently released by the Insurance Managers Association of Cayman (IMAC).
The European Union yesterday released its results of a 10-month investigation into countries that it claims are not doing enough to crack down on offshore tax avoidance schemes.
The Bermuda captive market was profitable for the 2016 financial year-end, with a median loss ratio of 49 percent and combined ratio of 75 percent for Bermuda general business captives.
The Cayman captive market is in good health, according to Ruwan Jayasekera, Head of Insurance at CIMA, as he addressed delegates at the Cayman Captive Forum.
Delegates at the 2017 Cayman Captive Forum have been officially welcomed on behalf of the Cayman Islands Government, with a speech from the Right Hon Roy Mctaggert, Minister of Financial Affairs.
The 2017 Cayman Captive Forum has opened with Erin Brosnihan, vice chair of IMAC, welcoming attendees. She said that that she was proud and excited to recognise the milestone of 25 years of the conference, which has gone from its inaugural event where a few dozen attended, to now attracting over 1400 delegates. Brosnihan claimed that this year’s forum was the biggest yet, making it the leading attended captive conference in the world.
Artex Risk Solutions has announced the acquisition of Chandler Insurance Management for an undisclosed sum.
The Cayman Islands insurance industry has issued 23 new insurance licenses so far in 2017, as of October 9.
AM Best has affirmed the financial strength rating of A (Excellent) of Castle Harbour Insurance, Harrington Sound Insurance and Colliers Bay Insurance.
Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) of Spirit Insurance Company and, based in Vermont, and Radius Insurance Company, based in the Cayman Islands. The outlook of these ratings is stable.