Conyers Dill & Pearman has appointed Derek Stenson as a partner in the Cayman Islands corporate practice.
While overall growth in captive formations has been nominal - less than 1 percent annual growth for total captives worldwide - there are group captive programmes which have experienced significant growth, with certain group programmes 50 percent growth in membership in the last five years, according to analysis in a Strategic Risk Solutions webinar.
The Cayman Islands licensed 33 new insurers in 2017, including 27 new class B insurers (captives and other commercial re/insurers) and six class C insurers (special purpose insurers).
Willis Towers Watson has appointed Alex Steele and Russell Nicholson to its Guernsey financial institutions practice.
Erin Brosnihan, new incoming chair of the Insurance Managers Association of Cayman (IMAC) has paid tribute to Linda Haddleton, the body’s former chair, who passed away last month.
The Minister of Finance for the Bahamas signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. With this signing, The Bahamas becomes the 116th jurisdiction to join the world’s leading instrument for boosting transparency and combating cross-border tax evasion.
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.