Tag: Captive Insurance
Captive market claims boost to local economy
(CNS): The Insurance Managers Association of Cayman claims that the captive market generated US$100 million for the local economy in 2016, based on recently published results from an economic impact survey. An IMAC survey found that the captive industry generated US$72 million in revenue for Cayman’s service providers, and currently provides employment for around 300, nearly half of whom […]
IMAC books self-help guru for annual talking-shop
(CNS Business): The author of the self-help book, The 5 Second Rule, and award-winning CNN contributor Mel Robbins will top the bill at the 25th Cayman Captive Forum this year, organisers of the conference, Insurance Managers Association of Cayman (IMAC), have said. The industry talking-shop will include a line-up of relevant sector contributors but the […]
Cayman captives boosted by non-traditional risk
(CNS Business): So far, 2016 has been a very active year for new captive insurance formations, with 23 new licences granted over the first six months of the year, according to the Cayman Islands Monetary Authority. This number exceeded the issuance of licences in the whole of 2015. “Historically, November and December are the busiest […]
CIMA battles to find insurance chief
(CNS Business): The Cayman Islands Monetary Authority has struggled to find someone for the post of Head of the Insurance Division, officials said, citing fierce competition in the insurance sector as a contributing factor. At present, the post has been temporarily filled by Ruwan Jayasekera, who is very experienced and known to the industry, and […]
Cayman battles to attract insurance business
(CNS Business): The ripple effects of health care reform in the United States and increasing competition from more than 80 captive domiciles around the world has required diligence by the industry to continue to attract new business, according to the Insurance Managers Association Cayman. However, IMAC Chair Kieran O’Mahony said he was confident that Cayman […]
Captives look for growth spots as soft market persists
(CNS Business): As insurance and reinsurance rates have now declined for ten consecutive quarters, there can be no doubt about the depth of the soft market, which continues to constrain captive formation. This has left the industry looking towards new emerging markets for future growth opportunities, as well as bringing new, non-traditional risks into captives, […]
Captive industry still awaits CIMA figurehead
(CNS Business): As CIMA updated delegates at the Cayman Captive Forum on its licensing activity and regulatory developments, it was unable to provide the update that many international clients have been waiting for, which is a new head of insurance supervision. Morag Nicol has been acting head of insurance since April 2014 in what was […]
Cayman Captive Forum targets generational advantage
(CNS Business): Generational Kinetics, the study of how generational behavior and trends will influence future society and business, takes top billing at the 2015 Cayman Captive Forum, the biggest conference of the year on Island. Over 1,500, mostly international delegates, attended last year’s Forum, and organisers expect even more this year. “Our registrations are up […]
Insurance firm lays off local workers
(CNS Business): Despite upbeat press statements recently about the success of the captive insurance business in the Cayman Islands, one firm has laid off a number of local workers. Sources tell CNS that around four Caymanians have been made redundant from the local office of Marsh, but the firm is offering no details of the […]
Canadian conference call for Cayman captives
(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 […]
Industry award highlights Cayman’s captive record
(CNS Business): A major industry accolade for the Cayman Islands captive insurance sector has highlighted the strengths of this jurisdiction as a domicile for insurance and alternative risk transfer products. Cayman was recently named the ‘Top Offshore Domicile’ in the 2015 US Captive Service Awards, organised by Captive Review magazine. Traditionally known for being the second largest […]
Greenlight Re has 2nd quarter loss
(CNS Business): Greenlight Capital Re experienced its second straight quarterly loss for 2015 due to faltered investments, company leaders stated. The Cayman Islands based company announced its financial results this week, with a net loss of $39.6 million, compared to a net income of $109.6 million for the same period in 2014. An underwriting loss […]
Kilpatrick receives captive industry award
(CNS Business): Ian Kilpatrick, founder of Advantage International Management, is the recipient of the Captive Insurance Companies Association (CICA) 2015 Distinguished Service Award. The award recognises individuals or organisations that have made significant contributions to advancing the captive insurance industry. Kilpatrick was presented with the prestigious award at the CICA 2015 International Conference by President Dennis Harwick.
IMAC says steady growth in Cayman Captives
(CNS Business): The Cayman Islands remains the leading jurisdiction for healthcare captives, being home to 34 per cent of the captives in this classification, the Insurance Managers Association Cayman (IMAC) has stated, also noting that 22 new captives were formed in this jurisdiction over the course of 2014.Â
Six jobs lost but new directors at local captive firm
(CNS Business): Aon Captive and Insurance Management announced a number of structural changes to the Cayman office on Friday, where six jobs will be lost as a result of the moves, which was described by management as a “difficult decisionâ€. Currently an office of 50 employees, Aon said in a short release that it has appointed […]
Recent comments