The Cayman Islands’ strength in captive insurance comes from “its team approach to captives”, according to a panel of experts.
In the recorded panel discussion, organised by Insurance Managers Association of Cayman (IMAC), and the first of its kind in the region, members of the local captive industry suggested that the industry in the island has continued to develop and innovate throughout its 40-year captives history.
Julie Robertson, partner and chair at Honigman Miller Schwartz and Cohn, suggested that this is partly because of the experience of the providers in the domicile.
She said: “When you have people who know what they’re doing, it makes a big difference. Cayman brings so much more to the table in this regard.”
She added: “Stability also becomes the driving force. We’re always very comfortable recommending Cayman because of the advantages that come with its stability.”
Kieran O’Mahony, senior vice president and client services leader at Marsh Management Services commented: “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.”
The recorded panel discussions are set to become a quarterly event in the Cayman Islands.
