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It seems that in spite of the regulatory headwind posed by Solvency II and equivalence, the Cayman Islands continue to prove a resilient and attractive jurisdiction for captives. The Cayman Islands Monetary Authority (CIMA) and the industry appear well positioned to cope with changing international regulatory demands, while the market has remained remarkably buoyant during the recent downturn. As Gordon Rowell, head of insurance supervision at CIMA indicated at the recent European Captive Forum in Luxembourg, Cayman is taking a measured approach to changes in the regulatory environment, and is considering its international position before responding to the full demands of Europe’s regulatory regime. And with Cayman scooping international industry accolades and its cat bond market cementing its position as a global leader, Cayman has every reason to be confident that it is well placed to consider its own future.
Healthcare continues to dominate Cayman’s captive offering, and in ‘Healthcare captives: a retrospective’, Monique Jackson, chairman of the Insurance Managers Association of Cayman (IMAC), details the development of the sector—from its beginnings back in 1976 with the formation of a professional liability captive for the Harvard Medical School, through the response to litigation in the nineties, to the Islands’ position today as a leading captive healthcare jurisdiction. The piece is further complemented by ‘Risk management—not business as usual’, in which Mary Chmielowiec and Paola DiNatale of PointRight detail the impact that changes to US healthcare provision will have upon the captive industry on the Islands, and examine how the industry can best respond to the US’s emerging healthcare agenda.
Cayman cat bonds have had another strong year—leading the way internationally in terms of issuances. In ‘Cayman: riding the cat bond surge’, Paul Scrivener of Solomon Harris addresses rising interest in the offering and the continued success of Cayman’s cat bond market.
On the regulatory side, Monique Jackson of IMAC provides an annual update of the Island’s continuing success as a captive domicile in ‘Positive momentum’, while Cindy Scotland of CIMA details the progress the authority has made in the face of changing domestic and international standards in ‘The challenge of leadership’.
With the industry facing tough market conditions, Munder Capital Management discusses investment strategies and when exactly captives should consider an investment manager in ‘Asset management: weighing up the options’. Whilst in ‘An opportunity for upstream stimulus’, Global Capital Management cautions against always opting for buy-backs, encouraging captives to consider alternatives when thinking of going down the capital return route.
Finally, legal insights are provided by PKF Cayman and EisnerAmper, with the two firms outlining legal and regulatory developments impacting Cayman in ‘Positive steps’; while technical insights into changing international accounting practice are provided by PricewaterhouseCoopers in ‘Accounting for greater global consensus’.
View the 2011 Issue Here
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