27 September 2016Cayman analysis

Cayman Island captive insurance industry takes message to Latin America

The Cayman Islands captive insurance industry is stepping into the spotlight again, as it takes its message on the road to the Risk and Insurance Management Society (RIMS).

The event will be taking place in Bogota, Columbia, from October 3 to 4, 2016, Cayman is sending a team of experienced representatives from captive insurance industry service providers to meet and talk with 300 conference attendees.

The Cayman Islands has a 40-year history in the captive insurance business and a range of service providers and expertise which has enabled the jurisdiction to attract over 700 captives as of 30 June, 2016.

The Cayman Islands’ effort to promote Cayman as the premier jurisdiction for captive insurance companies is being spearheaded by The Insurance Managers Association of Cayman (IMAC).

JS de Jager, IMAC board member and one of the Cayman delegations, said: “Latin America is an important market for Cayman captives. With various tax information exchange agreement with Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, to name a few), the strength of our legislative and regulatory infrastructure and the extensive experience and expertise of our local service providers, Cayman is able to offer Latin American companies a product that is well-tested and efficient.

“We have a number of Latin American captives domiciled here in Cayman already and we are optimistic about the opportunities to spread the word to motivate more Latin American businesses to follow their example. There are many synergies to be explored."