IMAC chairman highlights challenges for Cayman captives
Kieran O'Mahony, chairman of IMAC, has welcomed delegates to the 24th Cayman Captive Conference, telling the audience that registrations had exceeded 1500, a record high for the event.
O'Mahony explained there are still challenges in the continuing soft market. Healthcare remains a key sector for the market, accounting for 33 percent of total captives within the domicile, an unchanged figure from 2015. Issues such as hospital mergers meant the market was extremely competitive at the moment.
Group captives continued to be key showing growth in both premium and total assets. Overall, assets had increased to $59 billion, a rise of over $1 billion year on year.
He went on to explain that Cayman did not have great exposure in two captive areas attracting interest, 831'bs and micro, and that other domiciles were using these captive formations as a platform for market presence.
He noted broader patterns of risk were being written into captives, citing cyber being one key area.
O'Mahony was confident the domicile would be looking at 40 new formations for 2016, this figure being double the amount from 2015, and concluded that for 40 years the domicile had been "tried and tested and found to be trusted."
