Archive for the ‘Cayman Investments’ Category

Schwarzenegger to star at Cayman investment conference

Wednesday, November 23rd, 2016

Arnold Schwarzenegger will be visiting the Cayman Islands in February 2017 as the keynote speaker for the Cayman Alternative Investment Summit (CAIS).

The American-Austrian action movie star and former California governor, Schwarzenegger left politics in 2011 but he continues to be an advocate of sustainable energy and was a leading voice at the Paris climate conference last year.

When he comes to Cayman, Schwarzenegger will join what organisers of the CAIS”.

Other special guest speakers are Mark and Scott Kelly, twin astronauts who are helping NASA study the impact of long-duration space flight; George Whitesides, the CEO of Virgin Galactic, the world’s first commercial spaceline; Mike Abrashoff, a former Navy general famed for transforming the worst-performing ship in the Navy’s Pacific Fleet into the best-performing ship; and David McWilliams, a renowned Irish economist, writer, broadcaster and journalist.

CAIS announces Jay Leno as 2016 Keynote Speaker

Tuesday, January 26th, 2016

The Cayman Alternative Investment Summit (CAIS), set for February 4-5 in Grand Cayman, announced renowned comedian, actor, writer, producer and television host Jay Leno as its keynote speaker. Leno joins a star-studded line up of special guest speakers at the conference. Other speakers include Jamie Lee Curtis, David Jones, Julia Immonen, Kerry Kennedy, Jonathan MacDonald, Kevin Mitnick, Meghan Markle, and Robert J. O’Neill.

Jay Leno has been one of the most popular late night chat show hosts in America for the last 20 years and was recently inducted into the Television Hall of Fame. He is also a self-confessed petrol-head whose ‘Big Dog Garage’ houses one of America’s greatest collections of ‘supercharged’ cars and motorcycles. Leno’s key-note address will provide CAIS delegates with an insight into his own investment strategies mixed in with a stand up routine.

Since its launch in 2012, CAIS has quickly established itself as a leading conference centered on alternative investments, private equity and hedge fund management.

The conference, with its timely theme “Alternative Investments: Supercharged,” is to attract 500-plus executives from prominent pension plans, endowments, family offices, hedge funds and more.

2014 Cayman Captive Forum hosts record audience

Thursday, December 18th, 2014

The 22nd annual Cayman Captive Forum welcomed a record 1,499 registrants. This proved once again its leadsing place as the world’s largest captive insurance conference.

Captive Insurance industry leaders gathered in the Cayman Islands over 3 days of intensive discussions about current issues, including those pertaining to healthcare captives, where Cayman is the world leader.

Highlights of the conference included an update from Cayman Islands Monetary Authority (CIMA) ( Managing Director Cindy Scotland, who noted Cayman’s solid position against stiffening competition in the market for captive domiciles.

Of the 765 international insurers regulated by CIMA as at September 2014, there were 724 Class Bs, 39 Class Cs (special purpose vehicles) and 2 Class Ds. At the end of the 3d quarter of 2014, the total premiums of international insurers were USВ 12.4 billion. The total assets were USВ 55.1 billion and the net income represented USВ 1.7 billion. Over the past 5 years, the Cayman Islands has seen total premiums increase by 66%, and total assets by 23%.

Keynote speaker Dr. Michio Kaku made a presentation on the incredible advancement of technology and particularly its relevance to the healthcare industry, illustrating how the fanciful world of science fiction has already materialised and is rapidly transforming our way of life.

Michael Bazzell, an FBI agent with the Cyber Crimes Task Force, made a real-time demonstration of how easy it is to ‘hack’ a network and easily capture a company’s or a person’s most private information and what people can do to protect themselves from this risk.

Ms. Scotland expressed her positive views of the future for the Cayman captive industry. She said that CIMA remains committed to helping ensure that the Cayman Islands maintains its position as a leading financial services and insurance jurisdiction.

Cayman Islands to quash Fund Investment Taboo

Friday, March 1st, 2013

The Cayman Islands’ Chamber of Commerce has challenged critics of the tax affairs of the new US Treasury Secretary Jack Lew, following reports that he had held investments in Cayman during his private sector career. The reports said that the investments were held in a Cayman Islands investment fund domiciled in Ugland House.

According to the opposition, the appointment of Lew highlights the duplicity of the Obama Administration’s response to offshore investments following incessant pre-election criticism of the tax affairs of the Republic presidential candidate Mitt Romney.

The Cayman Islands’ Chamber of Commerce commented: “At this juncture, it is perhaps worth asking why people are still surprised that Americans, including both Republicans and Democrats, have money invested in Cayman investment funds, when it is certainly the case that all Americans who have a pension fund will likely have their money indirectly invested in a Cayman private equity or hedge fund.”

It also states that there is nothing wrong with that at all as the Cayman Islands is the domicile of choice as well as a centre of excellence for some of the world’s leading international investment funds.

The Chamber of Commerce said that it is high time that jurisdiction’s important role in the global economy and capital markets is better understood by policy makers.

Cayman Touts Insurance Industry Offering in North America

Thursday, May 24th, 2012

A delegation from the Cayman Islands insurance industry attended the 50th Annual Risk and Insurance Management Society conference with a view to promote the jurisdiction’ position as a growing domicile for captive insurance companies. The event was held in April.

The Risk and Insurance Management Society (RIMS) conference and exhibition is the largest gathering of risk professionals in North America. In 2012, the event saw more than 10 000 visitors from all over the world, ranging from risk and insurance management executives to brokers, insurers and service providers.

Although the Cayman Islands has already been established as an insurance company domicile, at the start of 2012, the jurisdiction announced that it would seek to challenge Bermuda’s supremacy as the leading domicile for insurance companies serving the United States’ market. Unlike Bermuda, the Cayman Islands will not seek equivalence with the EU Solvency II Directive, meaning that the territory will in theory attract insurers looking to circumvent the stringent capital buffer requirements.

It should be reminded that the Cayman Islands is 2nd only to Bermuda, which is the largest captive insurance domicile in the world.

In attendance on behalf of the Cayman Islands were Chairman of the Insurance Managers Association of Cayman (IMAC), Clayton Price; the Head of Insurance Supervision for the Cayman Islands Monetary Authority (CIMA), Gordon Rowell; and representatives from over 20 private sector companies, including banks, insurance managers and auditors.

Rowell commented the conference: “As the second largest captive jurisdiction globally, the Cayman Islands presence at RIMS is critical to our ongoing success. CIMA hosted several positive meetings with clients – both existing and potential – and we look forward to continuing to strengthen our relationship with the Insurance Managers in promoting the Cayman Islands as a premium financial services jurisdiction for captives and reinsurance.”

Price said: “IMAC, CIMA and the Cayman Islands government’s participation at RIMS is instrumental in ensuring that the Cayman Islands remains on the cutting edge as an insurance domicile. The 2012 RIMS was well attended, and presented a tremendous opportunity to meet with thousands of key decision makers in the insurance industry all-in-one location. The Cayman delegation attracted a large number of visitors interested in finding out more about business in Cayman, and this afforded the 36 Cayman delegates a fabulous opportunity to deliver our message of integrity, intellect and innovation, which makes the Cayman Islands the domicile of choice.”

According to Cayman Islands Premier and Minister of Finance McKeeva Bush, the jurisdiction is currently finalizing a new legal and regulatory framework to help to pave the way for new opportunities as a leading domicile for captive insurance and a centre of excellence for reinsurance.

Cayman targets Brazilian investors

Saturday, May 19th, 2012

The government of the Cayman Islands has sought to strengthen business relationship with Brazilian investors by taking part in the recent Brazil Investment Summit.

According to the government, the event provided the opportunity to hold meetings with private equity and institutional investors and showed valuable insight into how the Cayman Islands is perceived internationally and what policy makers could do to maximize the territory’s potential to act as a conduit to investment flows to Brazil.

Meetings were held with members of Brazil’s private sector, key industry associations, including the Brazilian Alternative Investment Managers Association, and representatives from the Portuguese and American Chambers of Commerce during the visit to Brazil.

At the summit, a team from the government offered information on the financial services products being offered from the Cayman Islands, including in the maritime and aviation spheres.

Cayman Premier and Minister for Finance, Tourism and Development, McKeeva Bush, stated: “The government has given the Ministry of Finance a mandate to focus energies on emerging economies such as Brazil. Our private sector has long established strong links with Brazil. It is important that we do our part to ensure that the Cayman Islands service providers remain the service providers of choice for the facilitation of Brazilian investment flows.”

It is worth noting that, according to 2010 data from the International Monetary Fund (IMF), the Cayman Islands is one of the top 5 jurisdictions in the world for investment in and out of Brazil. Inward portfolio and direct investment flows amount to USD 27 billion annually, while outward flows amount to nearly USD 40 billion.

Cayman opens Special Economic Zone

Thursday, January 5th, 2012

In his New Year’s address, McKeeva Bush, the Premier of the Cayman Islands, has noted that the jurisdiction is planning attract additional investment as a result of the Cayman Enterprise City – the 1st special economic zone in the Caribbean. This means that companies will be admitted this month.

According to Bush, the Cayman Enterprise City has made a noticeable progress since the signing of a Memorandum of Understanding between the government and the organisers 11 months ago.

Bush said that the extraordinary progress by CEC stakeholders has meant that the CEC zone is now operational. In September 2011, the Special Economic Zones Law was passed by the legislative assembly. The 1st meeting of the Special Economic Zone Authority was held in the end of December. It has confirmed that it is prepared to license the 1st zone companies in January 2012.

Investors located in the zone have the following benefits:
• exemptions from income tax;
• exemptions from corporate tax;
• exemptions from capital gains tax;
• exemptions from tax on the repatriation of capital and profits;
• exemptions from work permits;
• companies will be permitted to be 100% foreign owned.

Cayman Islands is Top Hedge Fund Domicile

Wednesday, December 21st, 2011

In the recent Hedge Funds Review’s Service Provider Rankings, the Cayman Islands was named as the most favoured hedge fund domicile.

The survey revealed that the Cayman Islands is the most favoured domicile in terms of the quality of service provided by local practitioners. The Cayman Islands was ranked as the top domicile by 52.9% of the survey respondents.

The jurisdiction is followed by Luxembourg and Ireland.

The results of the survey were based on the opinions of more than 1 000 hedge funds, funds of hedge funds and investors who invest into hedge funds, or asset managers allocating to hedge funds and funds of hedge funds.

The Chairman of Cayman Finance, Richard Coles, welcomed the findings of the survey, saying: “It is welcome yet unsurprising news that the Cayman Islands was named the most favoured domicile in the recent Hedge Funds Review’s Service Provider Rankings. The survey underscores Cayman’s ongoing relevance in the worldwide financial industry and role as a key player in the funds industry in particular.”

Cayman SEZ gets green light

Thursday, September 1st, 2011

It has been discussed that a special economic zone is to be launched by the Cayman Islands, in partnership with Cayman Enterprise City (CEC). The signing of an agreement with CEC has been announced by the government of the Cayman Islands. The newly-signed document allows the developer exclusive rights to construct, develop, operate and maintain a special economic zone (SEZ) in the Cayman islands. The agreement is aimed at attracting global science, technology, commodities and derivatives, media, and educational entities to the Cayman Islands.

McKeeva Bush, the Cayman Island’s Prime Minister said that CEC provides an opportunity for the jurisdiction to diversify its economic base. He also noted that this project requires no government investment because it will be completely privately funded. Also, the developer has not requested waivers for duties on materials or stamp duties.
While SEZs exist in a number of developed and emerging economies, the Cayman Islands’ SEZ will be the 1st in the Caribbean region.

Jason Blick, the CEO of CEC, said that the cooperation and inward investment-friendly attitude of the government of the Cayman Islands and the Civil Service have been outstanding. He noted: “They truly understand the positive effect the zone will have on Cayman, and their support has been incredible.”

The development of CEC’s 5 “parks” (Cayman Internet Park, Cayman Media Park, Cayman Biotech Park, Cayman Commodities Park, and Cayman International Academic Park) will be phased, with construction of the 1st phase expected to begin in 2012.

Currently, the Cayman government is to start establishing the legislative framework for CEC to operate.

Special Economic Zone to be launched in Cayman

Monday, July 25th, 2011

A special economic zone is to be launched by the Cayman Islands, in partnership with Cayman Enterprise City (CEC). The zone is aimed to attract global science, technology, commodities and derivatives, media, as well as educational entities to the jurisdiction.

On July 18, an agreement was signed to allow CEC the exclusive right to construct, develop, operate and maintain the special economic zone. The government of the Cayman Islands has announced its intention to start establishing the legislative framework for CEC to operate. More than USD 327 million is to be invested over the next 8 years.

CEC is to develop 5 “parks”: Cayman Internet Park, Cayman Media Park, Cayman Biotech Park, Cayman Commodities Park, and Cayman International Academic Park.

Cayman Premier, McKeeva Bush, commented on the deal: “CEC represents an opportunity for the Cayman Islands to diversify its economic base. It’s also worth noting that this project requires no government investment, as it will be completely privately funded, and the developer also has not requested waivers for duties on materials or stamp duties.”