29 November 2017Cayman analysis

IMAC opens 2017 Cayman Captive Forum

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 recognize 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.

Brosnihan said that steps taken today, shape the future and that Cayman was moving on "in leaps and bounds" to achieve this. She said that the mantra was quite clear, that Cayman was clearly better business. She revealed 24 captive licenses have been issued to date in 2017, taking the latest figures to 705 captives, $12.3 billion in premium with $63 billion in assets. Further licenses are expected before the end of 2017.

Brosnihan said that the captive industry was facing two major issues at the moment. The first was the continuing presence of cyber crime, which is regarded as a hot industry topic.

Secondly, there was the recent leak of the Paradise Papers. She claimed these included "alternative facts spread as truths” and added that Premier McLaughlin had said Cayman is not a place of secrecy but that Cayman has been and continues to be transparent

Returning to industry figures, she shared the fact that Cayman continues to be the number one domicile in healthcare, as some 33 percent of all captives registered were healthcare and the domicile is, she claimed, the number two domicile for captives worldwide.