15/02/2010
The Cayman Islands has experienced a 25% growth in captive formations from 2008 to 2009, according to figures released by the Insurance Managers Association of Cayman (IMAC).
As of 31 December 2009 the Cayman Islands Monetary Authority licensed 40 new captives, compared to 32 in 2008, bringing its total number of captive insurance companies to 780.
According to IMAC, this is the first increase in the number of new formations since 2002. However, it conceded that the net gain in captives for 2009 was only three companies as 37 insurance licences were cancelled in the same year.
The Cayman Islands Monetary Authority pushed through a number of captive cancellations in late 2009 as a housekeeping exercise but the IMAC statement asserted that the cancellations didn’t just represent those for 2009
“The primary reasons for cancellations are the expiration of programmes, mergers with other captives in Cayman and the soft insurance market in the United States,” it said.
Of the 40 new captives licensed in 2009, four were redomicilations from other domiciles and four of the 37 cancellations were redomicilations to other domiciles.
Increase text size
Captive Insurance Database (CID) is the world's leading and most comprehensive online source of captive market intelligence.
CID gives users instant access to the names of parent companies who currently own a captive. It also gives you the captive name, manager, license date and the type of captive the parent company are running. Uniquely CID also contains vital contact information on captive owners and sponsors. This can be used to chase after new business or simply to get a better grasp of the market
CID will start helping you in,
• Winning more business proactively – Search from 5,292 captives and over 3,000 captive owners who you can offer your services to.
• Increasing profit and efficiency – Target specific captive owners and sponsors quicker, saving you time.
• Building relationships – Detailed contact information for each decision-maker
An annual CID license costs just £1,195 + VAT.
Already a CID user? LOGIN to the database here.
Order a 2 year subscription and SAVE 25%
The license includes full online access to CID and a free annual hardcopy of CID (worth £610) . To find out more contact Ryan Nash on +44 (0) 20 7029 4065
or r.nash@pageantmedia.com
Search A.M. Best's extensive database of life/health, property/casualty and insurance companies worldwide.
WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
Pellentesque feugiat arcu vitae lacus elementum in ullamcorper diam pulvinar. In odio massa, facilisis sed dignissim vel, vehicula ac diam. Curabitur tempor, quam nec aliquam tempus, dui lorem venenatis arcu
Mauris accumsan orci ut turpis placerat condimentum. Ut sit amet lobortis purus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.
European Captive Forum 13-14 November 2012 Luxembourg European Captive Forum is the Europe's leading...
European Captive Forum
Captive Live USA ,10–11 September 2012, Fairmont Hotel, Chicago. Now in its 2nd year,...
We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
Originally planned as an insurance and reinsurance directive, Solvency II has undoubtedly unnerved the captive insurance industry.
![BNY Mellon [Europe]](/article_images/articledir_1753/876987/1_80by80.jpg)
Be the first to comment on this article!