TMCnet News
New Cayman Captive Formations Continue A PaceThe Cayman Islands captive management industry enjoyed continued and remarkable success in new captive formations during the period July 1, 2016 to September 30, 2016 with 10 new formations for the 3 month period. The total number of incorporations in the Cayman Islands for the first 3 quarters of 2016 now stands at a very healthy 33 new licencees, significantly ahead of the full 12 month numbers for 2015 of 22 new formations in total (with 24 new captive formations for all of 2014). The total number of licencees domiciled in the Cayman Islands was 711 as at September 30, 2016, pure captives representing 361 of these and a further 146 being segregated portfolio companies. Total premiums written for the sector were US$13.9 billion with total assets held of US$59.0 billion. Increasing competition from more than 80 captive domiciles worldwide as well as the enduring soft market has required innovation, persistence and ingenuity on behalf of the industry to continue to attract new captives. Insurance Managers Association Cayman (IMAC) chairperson Kieran O'Mahony is confident about Cayman's continued leading position in the cative market. "The acceleration in the number of new captive formations over recent years is evidence of the continued strength of our industry and the attractiveness of Cayman as the captive domicile of choice. I especially wish to praise the outstanding efforts of the Cayman Islands insurance managers' fraternity as well as the many 'friends of Cayman', drawn from all over the globe, who actively seek out the cream of new business opportunities for the Cayman Islands and help to successfully bring those opportunities to 'captive fruition'. What is even more remarkable is the fact that our Segregated Portfolio Companies, (SPs and PICs) and our group captives, for which we are also the leading domicile, are seeing steady organic growth (as well as new incorporations) and both of these models tend to suppress new captive formation numbers. Whilst we are not a quantity driven domicile, rather for us in Cayman quality is key, 'Yes', being able to combine both of those elements, in the face of difficult market trading conditions, is especially satisfying." The Cayman Islands is the leading jurisdiction for Medical Professional Liability captives, with 34 percent of the captives in this category. Workers' compensation is the second largest, with approximately 21% of captives assuming this risk. Cayman captives are increasingly being used for more innovative uses, such as employee medical stop loss, equipment maintenance, and unrelated party risks. The full statistics are available through the Cayman Islands Monetary Authority at www.cimoney.com.ky. For more information on IMAC visit www.caymancaptive.ky. Insurance Managers Association of Cayman (IMAC) is a non-profit organisation run by the insurance managers of the Cayman Islands. In operation since 1981, IMAC's aim is to act as both regulatory liaison with the Cayman Islands Government and to promote the Cayman Islands as a domicile of choice for captive insurance companies. IMAC hosts the world's largest captive insurance conference, attracting 1,500 captive owners, directors, officers, reinsurers, fronting carriers, brokers, consultants and service providers. The Cayman Captive Forum 2016 will be held at The Ritz-Carlton, Grand Cayman from November 29 to December 1, 2016. For more information on IMAC visit www.caymancaptive.ky. View source version on businesswire.com: http://www.businesswire.com/news/home/20161025006119/en/ |
