Cayman Top Offshore Domicile for Captives

GEORGE TOWN, Cayman Islands--(BUSINESS WIRE)--The Cayman Islands has been granted top billing of “Offshore Domicile of the Year” at the 2012 Captive Live conference in Chicago.

“To receive public recognition of this calibre is a real feather in Cayman’s cap and underscores the ongoing work by the members of our industry to ensure that Cayman continues to be a desirable domicile for the world’s captives”

Hosted by Captive Review magazine, the conference hosts more than 400 captive management professionals and captive owners from across the United States.

The Cayman Islands was up against Anguilla, Bermuda and Nevis for the prize, which was collected by Nicholas Leighton of Atlas Insurance Management on behalf of the jurisdiction and the Insurance Managers Association of Cayman (IMAC). Other Cayman representatives in attendance included Peter Mackay of Global Captive Management and Ian Kilpatrick of Crusader International Management.

“To receive public recognition of this calibre is a real feather in Cayman’s cap and underscores the ongoing work by the members of our industry to ensure that Cayman continues to be a desirable domicile for the world’s captives,” said Leighton on receipt of the award.

Captive Review introduced the Awards at the 2012 event to “celebrate the excellence in the delivery and management of captive insurance.” Awards were presented in various categories, including ‘captive manager of the year’, ‘innovation in captive management’ and ‘best customer service in captive management’, as well as various service provider awards. Cayman-based law firm Solomon Harris also took top prize for offshore law firm of the year.

The Honourable W. McKeeva Bush, Premier of the Cayman Islands, issued a statement of congratulations: “On behalf of the Ministry of Finance, I offer my congratulations to the captive insurance industry for this very significant achievement. This is yet another testament that the Cayman Islands remains a major player in the insurance industry, and it demonstrates the advantages of providing top-quality service in a highly competitive environment.”

The award judges were an independent panel of risk managers, and the awards were hosted by Senior Presenter and Correspondent for BBC World News TV and BBC World Service radio, Lyse Douchet.

In operation since 1981, the Insurance Managers Association of Cayman (IMAC)’s aim is to act as both regulatory liaison with the Cayman Islands Government and to promote the Cayman Islands as a domicile of choice for captive insurance companies.

IMAC hosts the world’s largest captive insurance conference, attracting nearly 1,300 leaders in the captive industry.