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Article: Cell growth in paradise: the Cayman Islands, already a haven for tax-free growth, also finds it has a soft spot for segregated portfolio cell companies.(offshore report)
- Article from:
- Risk & Insurance
- Article date:
- November 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Axon Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The tendency to think of all offshore jurisdictions as alike should be avoided. No two of the half-dozen leading jurisdictions appeal to the same investors, offer quite the same legislation, or have developed their markets in the same way. Where Bermuda, for instance, has attracted physical presence companies, the Cayman Islands has built a managed insurance sector run by managers and professionals, with more than 600 captive companies, an eighth of the global total.
Cayman Islands captives write, in the main, U.S. health care and workers' comp. As of June 30, 2003, Cayman's insurance sector had annual premiums of $4.4 billion and net income of $419 million. ...