In the first recorded panel discussion- in what is to be a quarterly feature- it was stated by those who use the Cayman Islands as a domicile for captive insurance companies that Cayman “comes from a position of strength”.
The video features a panel consisting of Kieran O’Mahony, Senior Vice President and Client Services Leader at Marsh Management Services and former chair of the Insurance Managers Association of Cayman (IMAC); Suzanne Sadlier, Deputy Head of Insurance at the Cayman Islands Monetary Authority (CIMA), and special guest Julie Robertson, Partner and Chair at Honigman Miller Schwartz and Cohn. The session was moderated by Andre Ebanks, Senior Legislative Policy Advisor at the Department of Financial Services.
The general discussion was around the state of Cayman as a captive insurance domicile, the trends in the insurance marketplace, the proportionate regulatory infrastructure in Cayman and how Cayman has continued to develop and innovate over its forty-plus year history in the captive insurance industry, through the vast and varied experience from the professional service providers.
“One of the strengths of Cayman’s industry is its team approach to captives,” said Ms Robertson. “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.”
Current trends in the market were also discussed, including Cayman’s increase in organisations seeking to re-domicile.
Mr Kieran explained: “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.”
“Stability also becomes the driving force,” added Ms Robertson. “We’re always very comfortable recommending Cayman because of the advantages that come with its stability.”