|[March 17, 2014]
Captive Managers Handpick Cayman
GEORGE TOWN, Grand Cayman --(Business Wire)--
The Cayman Islands Monetary Authority has licenced three new captive
managers, filtering global captive business into one cohesive domicile.
It is important for captive managers to choose an environment that has
an established track record and the continued success of Cayman's
captive industry stems from its political stability, its connection to
the United Kingdom as an overseas territory, its compliance and
regulatory regime, the implementation of the new Insurance Law (2010)
and the new PIC legislation. "We are very pleased to welcome three new
captive managers to Cayman," said Robert Leadbetter, Chairperson of the
Insurance Managers Association of Cayman (IMAC). "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."
Somers Risk Management Ltd was licenced as a Cayman captive manager on
September 4, 2013. Patriot (News - Alert) Captive Management was licenced on December
24, 2013, and R&Q Quest Management Services (Cayman) Limited was
licenced on January 30, 2013. All three of these newly licenced captive
managerswill bring Cayman a wealth of experience in the captive
industry and help ensure that Cayman continues to be properly positioned
to maintain its high rankings in the captive insurance industry.
There are over 5,000 captives globally and Cayman remains the second
largest domicile in the sector, in particular via its niche in the
healthcare space. Through Cayman's progression to modernise legislation,
and to feed the healthy regulator-to-industry relationship, a
constructive business environment has been formed, thus increasing
captive and reinsurance business to find its way to this jurisdiction.
"2013 continued to show steady growth for the Cayman Islands, as a
top-rated domicile for captive insurance companies, with 39 licenses
issued for Class `B', `C' and `D' Insurers and an increase of 3% in the
total number of licenses to 761. During the year, three more Insurance
Managers were licensed in Cayman, which speaks about the health and
growth of Cayman's Captive Insurance Industry as a whole," Pedro Reis,
Deputy Head Insurance Supervision, Cayman Islands Monetary Authority.
Visit the new IMAC website at www.imac.ky,
view a library of information on Cayman's captive insurance industry and
follow @caymancaptive for informative industry discussions.
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
1,400 captive managers, service providers and directors annually.
For more information on IMAC visit www.caymancaptive.ky.
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