Archive for December, 2015

Captive industry awaits CIMA figurehead

Wednesday, December 9th, 2015

As CIMA updated delegates at the Cayman Captive Forum on its licensing activity and regulatory developments, it could not provide the update that many international clients have been waiting for, which is a new head of insurance supervision. Morag Nicol has been acting head of insurance since April 2014 in what was originally intended to be a brief, 3-month return to CIMA while a replacement for former division head Gordon Rowell was sought.

Twenty months on, currently, the Cayman Islands Monetary Authority (CIMA) still has not announced a permanent head of insurance, as Deputy Managing Director Patrick Bodden explained to delegates at the conference that Nicol will remain acting head until February 2016 while the search continues.

The delay in attracting an experienced figurehead for the Insurance Division at CIMA has compounded the authority’s woes in finding a full complement of directors, notably with Brian Murphy and Patricia Estwick prevented from serving as directors by the institutions they work for in the summer. As a former director at reinsurance firm Greenlight Re, Brian Murphy would have added significant expertise in this area and Minister Wayne Panton has stated that CIMA needs people with a strong understanding of the insurance sector, with reinsurance being a particular skill set they were looking to add to the board’s collective expertise.

Cayman Islands-based law firm merges with BVI firm

Saturday, December 5th, 2015

Cayman Islands-based law firm, Travers Thorp Alberga has merged with the British Virgin Islands-based Orion Law, owned by two BVI politicians.

Anthony Travers, a senior partner with the firm, explained the motivation by the boutique operation to partner with the BVI law partnership. “Given our recent expansion in Asia, the time is right to partner with a law firm and corporate service provider to provide comprehensive legal services to our clients in both the Cayman Islands and the British Virgin Islands”. He added: “Over several months we have forged an excellent understanding with Orion Law and we have together developed highly competitive pricing for a full suite of British Virgin Islands corporate fund and financial services products consistent with our firm’s value proposition.”

The partner of Orion Law, Myron Walwyn, who is the education minister in the BVI, will join the newly merged firm. He said that the new arrangement would “substantially improve access to a fast growing client base in Hong Kong and PRC where our British Virgin Islands financial services products are already well recognized”.

Travers Thorp Alberga is a legal company that successfully represented the opposition leader in his corruption trial and which is currently dealing with his civil suit against government and defending him in a writ filed by the premier.