Business in brief

Appleby selects local charities

Several local charities are able to offer continued services in animal care, child and family welfare and education to the Cayman community following the second Appleby charity day event. 

Successful applicants include Big Brothers Big Sisters, Blue Iguana Recovery Program, Canine Friends, Cayman HospiceCare, the Cayman Islands Crisis Centre, Cayman National Cultural Foundation, Hope for Today Foundation, NCVO, Rotaract Club of Grand Cayman and YMCA of the Cayman Islands.  

The Appleby Cayman Charity Day Committee reviewed 25 applications and chose 10 to receive financial assistance. 

Bryan Hunter, managing partner of the Cayman office, said, “There are so many local charities doing commendable things in our community and it’s often difficult to decide which to support. That’s why the charity day works so well. Through the interview process, the Appleby Cayman Charity Day committee learned so much more about the ins and outs of how each charity benefits the community and the struggles they face. It’s inspiring to witness their passion and perseverance and to know, by extension, we are connected to each of the lives touched through these charities.” 

Through the firm’s charity day donation, the Cayman National Cultural Foundation will relaunch its arts and culture journal Foundations, a project shelved in 2005 due to lack of funding.  

Insurance delegation promotes Cayman 

A 30-member delegation from the Insurance Managers Association of Cayman headed to the annual Risk Management Society conference in New Orleans from April 26-29 to discuss the benefits of domiciling captive insurance companies in the Cayman Islands. 

IMAC Chair Kieran O’Mahony said, “As one of the largest events of its kind, RIMS is a key event for us. We are able to speak to hundreds of people about what captives are, how they work, what types of risk they are particularly useful for and, of course, about Cayman’s leadership in this area and why it makes clear business sense to use our commercially-minded products.” 

Earlier this year, Cayman implemented the Portfolio Insurance Company regulations, which received the nod of approval from the market as illustrated by the interest in the structure with the first PIC launching within a month of the regulations coming into force.  

New faces at Mourant Ozannes 

Senior finance lawyer Chinyin Johnston has joined Mourant Ozannes’s London office. Ms. Johnston has extensive experience advising on questions of Cayman Islands and BVI law. Before joining Mourant Ozannes, she spent six years in the London office of another offshore firm, following a move from Linklaters. 

Robert Duggan, managing partner of Mourant Ozannes’s London office, said, “Chinyin will be a key member of our senior team in London and will be instrumental in helping us to grow our Caribbean finance practice, further underpinning our strategic aim to be one of the top performing offshore legal practices in the City.” 

In other news, Mourant Ozannes has been named Best Offshore Law Firm for Client Service at the HFMWeek European Hedge Fund Services Awards 2015. The award recognizes the success of service providers who have excelled in the hedge funds industry during the preceding year. It is the second consecutive year that the firm has received the award.  

Conyers Dill & Pearman advises on $225m private offering 

Conyers Dill & Pearman has provided Bermuda and Cayman legal advice to Kosmos Energy on its private offering to eligible purchasers of $225 million aggregate principal amount of its 7.875 percent senior secured notes due 2021. 

Kosmos, an independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin, intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under its commercial debt facility and for general corporate purposes. 

Bryan Hunter, center, back, and members of the Appleby Cayman Charity Day Committee present checks to 10 local charities during the firm’s second annual charity day event.