Canadian conference call for Cayman captives

| 18/09/2015 | 0 Comments
CNS Business

IMAC Chair Kieran O’Mahony

(CNS Business): Representatives from the Cayman Islands captive insurance industry are heading to a major conference in Canada to highlight the benefits of Cayman as a domicile to a key target market. The 2015 Risk and Insurance Management Society (RIMS) Canada Conference is being held in Quebec City from 27 to 30 September and the Insurance Managers Association of the Cayman Islands (IMAC) said they will ensure this jurisdiction has high profile at the event.

A total of 12 industry representatives from the Cayman captive sector will attend, led by IMAC Chair Kieran O’Mahony. Attendees include Cayman-based lawyers, captive insurance managers, accountants and investment managers. Although members of their respective firms, these individuals will all represent the Cayman captive insurance industry, as part of a roster and will work on the Cayman Islands stand in the exhibition hall at the three-day event.

“Canada is an important market for Cayman captives,” O’Mahony said. “With the tax information exchange agreement signed in 2011 between the two countries, the strength of our legislative and regulatory infrastructure and the extensive experience and expertise of our local service providers, Cayman is able to offer Canadian companies a product that is proven and efficient.  We have a number of Canadian captives domiciled here in Cayman already and we are optimistic about the opportunities to spread the word to attract even more Canadian business.  Our business cultures are similar and our laws are Common Law based.  There are many synergies to be explored”, he said.

A spokesperson for IMAC also said that Canada provides an interesting and potentially productive new market for Cayman captives that should be developed and the committee aims to position Cayman as the domicile of choice for Canadian captives by creating awareness of Cayman’s products and services and how they are beneficial, as well as communicating Cayman’s sustainable competitive advantages.

“The target audience is primarily SMEs, but we are also reaching out to multi-national companies with captive insurance needs, via brokers, advisors, lawyers and, accountants,” the IMAC spokesperson said. “There is ample opportunity for small-to-medium sized Canadian companies to set up captive insurance companies, including coverage for non-Canadian risk, terrorism threats, environmental pollution, and premium healthcare coverage.”

The current IMAC marketing plan involves profile raising in the target North American markets and attendance at the key insurance industry events and conferences. In addition to RIMS Canada this month and the ASHRM (American Society for Healthcare Risk Management) Conference in Indianapolis next month. IMAC will also be holding its annual Captive Forum event in December this year, which attracts approximately 1,500 delegates from the global captive industry, making it the largest conference on island.

IMAC also aims to use its Cayman network to maximise opportunities onshore. By marketing to affiliate offices of Cayman-based companies that have offices, staff and networks in IMAC’s target markets in Canada and the US. IMAC is utilising these relationships and networks to communicate Cayman’s unique selling points in the onshore markets.

“Cayman is very focused on developing new markets for captive insurance business, including for example Canada and Latin America, and through various events we are starting to make ourselves heard and respected as a domicile of choice in those markets,” said JS de Jager of CSI International and a member of the IMAC Executive Committee.

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Category: Finance, Financial Services

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