Stability and team approach are Cayman's strengths, says IMAC panel
One of the strengths of the Cayman Islands as a domicile is its team approach to captives, according to Julie Robertson, partner and chair at Honigman Miller Schwartz and Cohn.
Robertson spoke at the Insurance Managers Association of Cayman's (IMAC) first recorded panel discussion, along with Kieran O’Mahony, senior vice president and client services leader at Marsh Management Services and former chair of IMAC, and Suzanne Sadlier, deputy head of insurance at the Cayman Islands Monetary Authority (CIMA).
“When you have people who know what they’re doing, it makes a big difference," Robertson continued. "Cayman brings so much more to the table in this regard.”
The panel disccused the state of Cayman as a captive insurance domicile, the trends in the insurance marketplace, the proportionate regulatory infrastructure in Cayman and how Cayman has continued to develop and innovate over its forty-plus year history in the captive insurance industry, through the vast and varied experience from the professional service providers.
Cayman's increase in the number of organisation seeking to re-domicile there was also discussed.
Kieran explained: “In other domiciles, the one-size-fits-all regulatory regimes may not be as appropriate for businesses. Here, we differentiate and discriminate by the amount of risk that an entity has.”
Robertson added: “Stability also becomes the driving force. We’re always very comfortable recommending Cayman because of the advantages that come with its stability.”