18 March 2014Accounting & tax analysis

Cayman licenses three new captive managers

Cayman has welcomed three new captive managers in recent months as it looks to further develop its global position.

Somers Risk Management, Patriot Captive Management and R&Q Quest Management Services (Cayman) Limited were all licensed in Cayman over the last few months, further cementing the Island’s reputation in the captive space.

Commenting on the new formations, Robert Leadbetter, Chairperson of the Insurance Managers Association of Cayman (IMAC) said: “We are very pleased to welcome three new captive managers to Cayman. Success breeds success and as Cayman’s captive insurance market continues to grow, new managers will seek to establish themselves here. This growth is welcomed and allows Cayman to widen its competitive edge in the captive market."