Captive Insight Vol I | Page 31

DESCRIBE THE
PERFECT DAY
A Grey Goose on the rocks with a
slice of orange, overlooking a sunset
on Seven Mile Beach, after coming
off the golf course having
played a career round.

image © Ruth P. Peterkin - Fotolia.com

What excited you more during your career:
a new captive deal or a new life deal?
That’s difficult to answer, but I suppose it was the
life side once we started to get high net worth clients
writing large policies and we became accepted by
investment management firms that were household names,
which is very satisfying. Although, I also remember the
great satisfaction gained from putting our first captive
together complete with feasibility study, and winning out
against our competitors. So, it’s difficult to really choose.
Each aspect of my business has brought a number of
exciting and satisfying moments.

What does the future look like for Cayman’s
Captive industry?
The attack by the OECD is a major concern for our industry
and has to be fought - not just by Cayman, but by all domiciles
including the US. We need to partner together to convince the
OECD that without a shadow of a doubt the vast majority
of captives are formed for insurance purposes and that they
are not price transfer vehicles. With domestic and offshore
domiciles united against such damaging documentation as
the White Paper on Transfer Pricing, I think that the future
could be rosy for us all. Domestic insurance markets never
seem to learn exactly what their clients want and that’s why
captives are still being formed today, particularly by smaller
companies that want to be in control of their own destinies.
As long as the CIMA continues to provide a common sense
approach to regulation I don’t see why Cayman shouldn’t
continue to do very well in the captive market. We should
also continue to develop Cayman as a viable alternative to
Bermuda for setting up reinsurance companies which would
benefit us considerably. Overall, we should remain positive.

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