Archive for February, 2014

Appleby indicates Cayman’s Offshore Deal Activity in 2013

Saturday, February 22nd, 2014

According to Appleby’s latest Offshore-i report, offshore deal volumes rose steadily throughout 2013 reaching a total 12-month value surpassed only 3 times in the last decade.

The total value of deals in 2013 hit USD 151 billion.

The full-year total in 2013 of the Cayman Islands was USD 15.6 billion.

It should be noted that Q4 2013 was a breakout year for Bermuda with the value of deals done on its shores doubling; its full-year total nearly equaled that of the Cayman Islands.

Cayman Captive Industry remains buoyant

Saturday, February 15th, 2014

The captive insurance sector of the Cayman Islands remains buoyant in a testing environment as 2013 maintained a steady pace following on from the phenomenal 2012 year of growth.

The Cayman Islands secured a combined total of 39 licencees issued during the year and an increase of 3% in the total number of licencees to 761. The Cayman Islands captive insurance industry earned USD 12.6 billion in total premiums and had USD 69.2 billion in total assets as at 31 December 2013.

The benefits provided by captive insurance companies is gaining global acceptance as evidenced by the increased licencees granted year on year. According to AM Best, there are currently over 5,700 captives globally compared to an estimated 1,000 in 1980, and there are more jurisdictions offering captive domiciliation.

It should be noted that different domiciles records statistics in a different way, making direct comparisons of size of their respective industries difficult to ascertain, but Cayman counts each of the parent companies, not the subsidiaries or individual ‘cells’.

According to the Cayman Islands Monetary Authority (CIMA), reported that they oversee 761 class B, C and D companies as at 31 December 2013, with 406 of those pure captives and 148 as segregated portfolio companies (SPCs) making Cayman one of the world’s largest captive insurance domiciles.

Rob Leadbetter, chairman of the Insurance Managers Association of Cayman (IMAC) commented: “We view the continued growth as a result of a collection of factors: the increased awareness of the benefits a captive can offer to companies looking to more efficiently manage their own risk; Cayman’s longstanding history in establishing and managing captives; and the steps IMAC has taken over the past year to better communicate with our stakeholders through a new brand, new website, improved social media strategies and an all-time record of 1400 in attendance to our annual Cayman Captive Forum.”

Insurance Managers Association of Cayman (IMAC) is a non-profit organisation run by the insurance managers of the Cayman Islands. Established in 1981, IMAC acts as both regulatory liaison with the Government of the Cayman Islands and promotes the Cayman Islands as a domicile of choice for captive insurance companies. It hosts the world’s largest captive insurance conference, attracting over 1,400 captive managers, service providers and directors annually.

Cayman-based Greenlight Capital Re to release Q4 2013 results

Tuesday, February 11th, 2014

A specialist property and casualty reinsurer based in the Cayman Islands and Ireland, Greenlight Capital Re, Ltd. (GLRE), announced releasing financial results for the 4th quarter and year ended December 31, 2013 after the market closes on February 18, 2014.

To discuss the financial results, a live conference will be held on February 19, 2014.

Established in 2004, Greenlight Re is a NASDAQ listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. It provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces.