Business in brief

Cayman captive insurance industry on promotion in Canada 

A team of representatives from the key captive insurance service providers will travel to Quebec City from Sept. 27-30 to meet and talk with more than 400 conference attendees at the 2015 Risk and Insurance Management Society Canada Conference. 

Attendees are typically experienced risk management and industry practitioners from medium and large sized Canadian corporations. 

The Cayman Islands’ efforts to promote Cayman as the premier jurisdiction for captive insurance companies is being spearheaded by The Insurance Managers Association of Cayman. IMAC Chairman Kieran O’Mahon, who will be part of the Cayman delegation, said Canada is an important market for Cayman captives.  

“With the tax information exchange agreement signed in 2011 between the two countries, the strength of our legislative and regulatory infrastructure and the extensive experience and expertise of our local service providers, Cayman is able to offer Canadian companies a product that is proven and efficient,” he said.  

“We have a number of Canadian captives domiciled here in Cayman already and we are optimistic about the opportunities to spread the word to attract even more Canadian business. Our business cultures are similar and our laws are Common Law-based. There are many synergies to be explored,” he added. 

The Cayman Islands has a 40-year history in the captive insurance space and a range of service providers and expertise which has enabled the jurisdiction to attract some 725 captives, as of June 30. The Cayman Islands also has 29 licensed insurance managers and a range of specialist professional service. 

Elian granted license to offer investment management 

Elian has been granted an investment business license by the Jersey Financial Services Commission, enabling Elian Capital Services to offer an integrated investment management program together with global financial-services company SEI. 

The investment management offering will provide clients of Elian Performance and Reward Management and Elian Private Wealth with access to wealth management services managed out of the Jersey office. 

With $262 billion in assets under management, SEI is a leading global provider of institutional and private client wealth management solutions that help professional wealth managers, institutions and private investors to create and manage wealth. Elian said SEI will provide Elian Capital Services with a custom designed solution that combines SEI’s asset management capabilities, the SEI Wealth PlatformSM and investment operations. Elian Capital Services, in turn, offers its clients a dynamic investment management program that is easy to understand and responsive to client demand. 

Elian Capital Services director Niall Husbands said, “Elian is one of only a handful of administration companies that are able to offer an integrated investment solution. Elian is committed to anticipating clients’ needs and to providing innovative solutions to meet them. We understand that our clients’ demands are evolving, and they are increasingly looking for a one-stop shop for administration and investment requirements.” 

Nigel Brook-Walters, sales director for SEI’s Asset Management Distribution unit, said, “This partnership offers Elian’s clients access to a proposition that is different from anything else on the market today. In short, it offers an institutional investment process that provides access to some of the world’s best investment managers and includes manager research and selection, portfolio construction and asset allocation guidance, as well as the risk-management, transparency and oversight required by clients.” 

STEP names Ogier International Legal Team of the Year 

Ogier was named International Legal Team of the Year at the 10th annual STEP Private Client Awards. 

Ogier’s Trust Advisory Group were there to receive the award at the ceremony in London. 

According to the judges, Ogier displayed all-round strength and expertise in all their locations, with a range of cross-border work in mature and emerging markets. “They have a great team on the forefront of some key cases and have been successful in pushing the limits of legal development.” 

Ogier’s Trust Advisory Group is a multijurisdictional team combining expertise across several disciplines: private client, dispute resolution and corporate and commercial law. The team works across Ogier’s network of offices in BVI, Cayman, Guernsey, Hong Kong, Jersey and Luxembourg. 

Earlier this year Ogier was named Offshore Law Firm of the Year by The Lawyer.