Archive for July, 2016

GMO mosquitoes released in Cayman Islands

Friday, July 29th, 2016

The first wave of genetically modified mosquitoes were released on June 27 in the Cayman Islands. This is part of a new effort aimed at controlling the insect that spreads Zika and other viruses.

Genetically altered male mosquitoes do not bite but mate with females to produce offspring that die before reaching adulthood. According to a joint statement from the Cayman Islands Mosquito Research and Control Unit and British biotech firm Oxitec, they were released in the West Bay area of Grand Cayman Island. The mosquitoes will be released over 9 months in an area known to be a hot spot for the Aedes aegypti species, which are not native to the Cayman Islands and are the main vector for Zika as well as other viruses, including chikingunya and dengue.

Scheduled in June, the project was released with a delay in getting an occupancy permit for the lab in which mosquitoes are bred and because of a court challenge from opponents who argued that the government had not provided sufficient information about potential risks or adequately studied other alternatives. On June 26, a judge ruled that the effort could proceed.

Canadian banks ordered to disclose Cayman dealings

Wednesday, July 27th, 2016

Two Canadian banks have been ordered by a Federal Court judge to disclose their dealings with a financial institution in the tax haven of Cayman Islands. So, the Trudeau government has won a round in its battle against offshore tax dealings.

It is the second time the government of Canada has sought a court order to investigate offshore tax evasion since the Star, in collaboration with the International Consortium of Investigative Journalists, made the Panama Papers leak public in April 2016. According to experts, the recent activity is evidence of a new-found will to crack down on the wealthy who hide their money offshore.

Royal Bank of Canada and Citibank, N.A. have been given 120 days to hand over all transaction information for accounts held by Cayman National Bank Ltd. between 2009 and 2015. They will have to provide the Canada Revenue Agency with account statements, deposit slips, cheques, bank drafts and wire transfer orders, all of which will help CRA auditors determine whether Canadian residents used these banks to transfer money home without reporting it.

Neither bank opposed the federal government’s court application.

Greenlight Capital Re to release 2nd Quarter 2016 Results

Saturday, July 23rd, 2016

Greenlight Capital Re, Ltd. (GLRE), a specialist property and casualty reinsurer based in the Cayman Islands and Ireland, announced that it expects to release financial results for the 2nd quarter ended June 30, 2016 after the market closes on Monday, August 1, 2016.

A live conference call to discuss the financial results will be held on August 2, 2016. Hosting the call and available during the question-and-answer session will be David Einhorn, Chairman of the Board of Directors; Bart Hedges, Chief Executive Officer and Tim Courtis, Chief Financial Officer.

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

New Head of Insurance appointed in Cayman Islands

Wednesday, July 20th, 2016

In the Cayman Islands, the captive and re/insurance industry is delighted with the announcement that Ruwan Jayasekera has been appointed as Head of Insurance Supervision.

Kieran O’Mahony, Chairman of the Insurance Managers Association of Cayman (IMAC) expressed the pleasure as regards the announcement as Ruwan is highly regarded within the Cayman captive and re/insurance industry not only for his the qualifications, but also as a known, proven and experienced entity having worked closely with industry practitioners for many years. According to O’Mahony, he has a proportionate and balanced approach to insurance regulation and supervision.

To remind, the Cayman Islands is the 2nd largest jurisdiction for captive insurance with over 709 licensees as of the 30th of June 2016. It remains the leading jurisdiction for healthcare and group captives, with 34% and 17% of market share, respectively.