So why Cayman?

Business-Friendly Environment

The Cayman Islands provide a business-friendly environment, with a streamlined and efficient registration process, modern infrastructure, and a highly skilled workforce.

Strong Legal System

The Cayman Islands have a well-established and reliable legal system, with a highly respected and independent judiciary.

Political Stability

The Cayman Islands have a stable political and economic climate, which provides a favorable environment for international business and investment.

Tax Neutrality

The Cayman Islands are a tax-neutral jurisdiction, which means there are no taxes on income, capital gains, or dividends, making it an attractive location for investment funds and international businesses.

The Right Environment.

The Cayman Islands are renowned for their expertise in capital market transactions, portfolio management, alternative investment strategies, and risk management under rigorous regulations. This has fostered trust among reinsurers, cedants, and investors in the booming industry. Industry newcomers can expect a streamlined work permit and licensing process, along with excellent infrastructure, schools, and a skilled local workforce. The islands’ stunning natural beauty and high quality of life make them a desirable location for work and leisure. As the islands are just a short flight from the United States, business partners can visit frequently, particularly during the winter months.

Regulatory Framework.

Cayman Islands Monetary Authority (CIMA) regulates and supervises financial services, including reinsurance. With years of experience in captive insurance regulation, CIMA is renowned globally for its high level of reinsurance expertise. The Cayman Islands government has created a streamlined licensing process and an efficient regulatory framework for reinsurance companies.

The Cayman Islands stands out from other successful reinsurance domiciles as it has not committed to aligning its regulatory regime with Solvency II. This is appealing to US carriers and non-EU reinsurance companies seeking a regulatory framework not defined by EU market requirements. CIMA’s robust principles-based approach has been welcomed by reinsurance entrants and cedents.

Stability.

The Cayman Islands is an Overseas Territory of the UK, providing both political and economic stability. The jurisdiction operates with the highest standards of transparency, exceeding global requirements, and complies with international directives regarding tax and beneficial ownership information exchange.

The Cayman Islands has a Moody’s credit rating of Aa3 with a Stable Outlook, demonstrating its financial strength and political stability as a UK overseas territory. Its ‘Low’ Economic & Political Risk rating from A.M. Best also inspires investor confidence. The legal framework is based on UK common law, with ultimate appeal to the Privy Council in London.

How to setup in Cayman.

Select Professional Service Providers

Prospective reinsurance licence applicants will require a range of service providers, details of which will be provided to CIMA during the application process. The Cayman Islands is fortunate to be home to a plethora of world class service providers in the financial services sector, many with specialist insurance practices. The professionals working in this sector are highly experienced and rated among the leading practitioners in the world. Service providers who are members of the Cayman International Reinsurance Companies Association are categorized below:

Advisory

BDO

Paul Arbo

Deloitte

John Jabs

Grant Thornton

Dara Keogh

KPMG

Rachel Davis

Milliman

William Hines

New England Asset Management

Joe Fallon

PWC

Ricardo Agrella

RAS Company

Jeff Mulholland

WTW

Martin Laframboise

Governance

AURUM Governance

Melissa Thomas

Infrastructure and HR

CML

Will Koutney

Expertise Limited

Claudia Philipsz-Jones

Invenio Global Search

Katelyn Quinn

SteppingStones Recruitment

Kiera Hannula

Insurance Managers

AON

Howard Byrne

Artex Risk Solutions

Suzanne Sadlier

Marsh

Kieran Mehigan

Strategic Risk Solutions

Jenny Pooley

WTW

Lesley Thompson

Legal

Appleby

Simon Raftopoulos

Conyers

Derek Stenson

Maples Group

John Dykstra

Walkers

Shamar Ennis

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