With remarkable growth in the financial services sector in the months following Hurricane Ivan, captive insurance company, Greenspring Financial Insurance Limited, has been numbered among the new companies operating in the Cayman Islands.
Along with Greenspring’s entry to the community has come the added bonus of a donation to the Cayman Islands National Recovery Fund for assistance to the country’s rebuilding. Greenspring Financial Insurance Ltd. is a subsidiary of the Washington-based Medstar Health, a not-for-profit community-based healthcare organisation that owns and operates seven major hospitals and other healthcare services in the Baltimore/Washington area.
Greenspring Captive, which was established in Bermuda, was recently re-domiciled to the Cayman Islands and is now one of some 28 captives being managed locally through Marsh Management Services.
Medstar’s Executive Vice President and CFO, Mr. Michael Curran, and Vice President for Risk Management, Mr. Larry Smith, were recently in Grand Cayman and presented their company’s donation to the recovery fund.
Stating that he felt personally affected by Hurricane Ivan given the number of associates he has on the island, Mr. Smith said that although Greenspring represented a new venture in the Cayman Islands, for many people in Medstar, it was the renewal of a longstanding relationship.
‘We are happy to do whatever we can to help the Cayman Islands recover,’ said Mr. Curran. ‘This donation represents the start of a new partnership and we consider ourselves privileged to be here and to be able to serve.’