The Cayman Islands received the top prize in the 2015 “Offshore Captive Domicile” category at the U.S. Captive Services Awards.
Cayman won the award by demonstrating its ongoing commitment to the captive sector and by passing new Portfolio Insurance Company (PIC) legislation at the start of 2015, organizers said. The panel of judges further highlighted Cayman’s innovation and the jurisdiction’s leading expertise in healthcare captives.
Kieran O’Mahony, chairman of the Insurance Managers Association of the Cayman Islands, said: “We are delighted that Cayman has again received this prestigious honor. This award acknowledges Cayman’s significant and sustained efforts in ensuring it offers progressive, leading edge legislation and sophisticated solutions to captives and the alternative risk transfer universe.
“These solutions, developed in consultation and collaboration with clients, industry stakeholders, government representatives and the regulator, coupled with the availability of world class industry professionals on-island, are the pillars of Cayman’s success. It is gratifying that these Cayman advantages are recognized on a global stage and by our industry peers,” he added.
The U.S. Captives Services Awards were established in 2012. This year, more firms than ever entered the awards competition, held in Burlington, Vermont, on Aug. 10, according to organizers. More than 74 firms from across the North American captive insurance industry competed for 26 awards.
Cayman Islands-based law firm Solomon Harris won in the “Offshore Law Firm” category and was recognized for the role the firm played in Cayman’s innovative new captive legislation. Solomon Harris insurance partner Paul Scrivener was commended for his involvement in the new PIC legislation.
“The growing specialist insurance firm continues to consolidate its expertise in the captive sector and in Paul Scrivener they have one of the most respected legal individuals in the industry. Scrivener was heavily involved in consultation, on behalf of the private sector, with Cayman regulators when drafting the new portfolio insurance company legislation,” the judges’ panel said.
Mr. Scrivener said, “We are delighted for this endorsement of the quality of our captive insurance team.
“We have managed to win the Offshore Law Firm award three times in the past four years, which I think is great testimony to our strong brand in the captive insurance sector,” he said.
“We were equally delighted to see the Cayman Islands recognized as the leading offshore captive domicile and the credit given for its innovative incorporated cell company legislation.”
Judges at this year’s awards included experts from STICO Mutual Insurance Company RRG, OU Physicians, Anderson Kill Wood and Bender, Subaru and Walgreens.