Business in brief

Cayman Captive Forum hosted record numbers 

The 22nd annual Cayman Captive Forum welcomed a record 1,499 registrants, cementing its place as the world’s largest captive insurance conference, organizers said. 

Captive insurance industry professionals gathered in the Cayman Islands over three days for intensive discussions about current issues, particularly those pertaining to healthcare captives.  

Cayman Islands Monetary Authority Managing Director Cindy Scotland noted Cayman’s solid position against stiffening competition in the market for captive domiciles. There were 765 international insurers regulated by CIMA as at September 2014. 

At the end of the third quarter of 2014, the total premiums of international insurers stood at US$12.4 billion, total assets were US$55.1 billion and the net income represented US$1.7 billion.  

Over the past five years, the Cayman Islands has seen total premiums increase by 66 percent, and total assets by 23 percent. 

Ms. Scotland expressed her positive views of the future for the Cayman captive industry. “I can … assert with a measure of well-founded confidence that the state of the Cayman Insurance industry is strong. In that regard, CIMA remains committed to helping ensure that the Cayman Islands maintains its position as a leading financial services and insurance jurisdiction,” she said. 

Cayman Captive Forum co-chairs Erin Brosnihan and Seamus Tivenan said, “Every year we aim higher, in terms of our content, our networking offerings and of course our number of registrants – with 1,499 we hit a brand new milestone. Next year, we need at least one more registrant.”  

Deloitte supports Christmas Drive 

For the eighth consecutive year, Deloitte staff supported the Christmas Drive for Children in cooperation with the Cayman Islands Department of Children and Family Services.  

This initiative is led by Deloitte partner Carrie Brown and funded by personal donations from the staff and partners. This year, Deloitte also received additional support from Uncle Bill’s, which offered bicycles at a significant discount, as well as Construction Equipment Services, which donated the cost of one bicycle. Seven bicycles and helmets were donated. 

Appleby volunteers spruce up Miss Lassie’s house 

Ten staff from Appleby spent a day working with the Cayman National Cultural Foundation to help prepare Miss Lassie’s house for Christmas as part of their annual Christmas of Yesteryears event. CNCF received a grant earlier in the year from Appleby to help boost the number of monthly student tours at Mind’s Eye – the Visionary World of Miss Lassie on South Sound. The school program, designed to cater to 4- to 16-year-olds, provides valuable lessons about traditional Caymanian architecture, Caymanian shipbuilding in the community, and pivotal moments in Cayman Islands history, such as the 1932 hurricane.  

In addition, the daily life in a Caymanian household, traditional life in the South Sound community, and the activities of a seafaring family are brought to life for youth as they walk through Miss Lassie’s house and yard. Above all, Miss Lassie’s inspiration and evolution as an artist, religious and secular themes in Miss Lassie’s paintings, and art as a medium for self-expression and national identity are evident in her paintings, which visitors see on her walls, windows and doors, and are also presented in Miss Lassie’s own accounts as recorded on video.  

BIAS wins awards 

Captive Review Magazine selected BIAS, which provides wealth management, wealth building, pension solutions and self-directed custody services in Bermuda and the Cayman Islands, to receive the U.S. Captive Services Award 2014 for Innovation in Investment Management. Selection criteria were based on innovation excellence in investment strategy, unique solutions and services, and exceptional performance tailored to individual client’s need and expectations.  

In addition, Acquisition International chose the BIAS Global Dividend Income Fund as its 2014 Offshore Excellence Award Winner for Best Long-term Total Return Strategy. The award recognizes innovation, thought leadership, outstanding commitment to client services, forward thinking and client focused business ethic helping to transform the offshore industry during recent turbulent times.  

“The Global Dividend Income Strategy was created to fill the absence of safe income generating investment vehicles during an extended period of quantitative easing by major central banks,” said Robert R. Pires, CEO. “Studies have shown that investing in blue chip companies which consistently increase their dividends over an extended period of time provide a better total return on a risk adjusted basis over the long term than what can be achieved by investing in a broad based stock index. Of course the added benefit of our strategy is that the investor gets a reliable flow of income [approximately 2.2 percent currently] in addition to the capital growth characteristic of stock indices.”  

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