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Cayman Captive Insurance

The Cayman Islands are an overseas territory of the United Kingdom in the western Caribbean Sea comprising the islands of Grand Cayman, Cayman Brac, and Little Cayman.

Cayman is regarded as a leading offshore domicile for captive insurance companies and is the preferred domicile for those captives writing hospital and medical malpractice coverage.

Cayman has always operated in the shadow of Bermuda. Bermuda is by far the largest domicile for captive insurers and is considered by many the centre of the global insurance industry. Since the events of September 11th and the subsequent effect upon the insurance markets and capacity therein, approximately US $10 Billion has entered the Bermuda market in less than four months. This money has entered as the capitalisation of new insurers and reinsurers. Cayman does not and cannot compete with Bermuda in this specific insurance and reinsurance marketplace.

Cayman is however forging ahead with new captives. What is even more encouraging is the possibility that Cayman may be level with or even ahead of Bermuda in terms of new pure captive formations – a trend we hope to see continued for the remainder of the year.

Cayman's particular appeal continues to be the well-developed financial infrastructure with Insurance Manager's that understand their market and can react quickly to their client needs.