Archive for September, 2015

Bermuda in sights for Cayman law firms

Wednesday, September 30th, 2015

Two Cayman law firms have announced plans to establish an office in Bermuda. This move reflects a resurgence in international business for one of Cayman’s key offshore competitors. While Cayman sees a regular influx of law firms from abroad, an international firm has never set up in Bermuda before, so assuming all the relevant regulatory clearances are received, 2015 will go down as a transformative year for the legal market there.

Bermuda dominates the international insurance and reinsurance industry, but follows Cayman in most other offshore lines of business, is now perhaps seeing the dividend of a concerted effort by government and the private sector to diversify its financial services sector and promote inward investment, having been hit harder than most financial centres by the global financial crisis.

Harneys said it will enter Bermuda’s legal market by merging with Hurrion & Associates, a three-lawyer firm specialising in litigation, corporate restructuring and insolvency. Managing Partner Sarah Hurrion, who previously worked with Walkers in Cayman, will be Managing Partner of the rebranded Harneys Bermuda legal and fiduciary business.

Walkers announced its intention to open a Bermuda office and start practising Bermuda law by the end of this year. The firm has said it would hire lawyers locally, as it did with its expansion to Ireland in 2010.

Cayman captives head to Canadian conference

Friday, September 18th, 2015

Representatives from the Cayman Islands captive insurance industry are heading to a major conference in Canada with a view to highlight the benefits of Cayman as a domicile to a key target market.

The 2015 Risk and Insurance Management Society (RIMS) Canada Conference is being held in Quebec City from September 27 to September 30 and the Insurance Managers Association of the Cayman Islands (IMAC) aim to ensure that the jurisdiction of Cayman has high profile at the event.

A total of 12 industry representatives from the Cayman captive sector will attend, led by IMAC Chair Kieran O’Mahony. Attendees include Cayman-based lawyers, captive insurance managers, accountants and investment managers.

O’Mahony said that Canada is an important market for Cayman captives. He said: “With the tax information exchange agreement signed in 2011 between the 2 countries, the strength of our legislative and regulatory infrastructure and the extensive experience and expertise of our local service providers, Cayman is able to offer Canadian companies a product that is proven and efficient. We have a number of Canadian captives domiciled here in Cayman already and we are optimistic about the opportunities to spread the word to attract even more Canadian business. Our business cultures are similar and our laws are Common Law based. There are many synergies to be explored”.