Captive Insurance
We provide a number of Cayman Islands insurance management and captive insurance related services to clients with particular emphasis and expertise in the captive insurance sector through our affiliated company, CSI International Underwriting (Cayman) Limited (“CSI”).
CSI has been licensed as an insurance manager in the Cayman Islands since 1982. Our clients’ insurance and reinsurance activities include workers’ compensation, product liability, professional liability, environmental bonding, surety, warranties, annuity and life products.
Our clients think of us as being an extension of the insurance regulator in the Cayman Islands. With us, you receive the highest level of corporate governance, regulatory, and financial reporting assistance possible.
We can assist you with incorporation and licencing, and look after the day-to-day operations. We provide regular financial and related reports, and are your go-to for all regulatory, government, insurance, banking, and accounting filings and requirements.
For more information on CSI and the services provided please contact us or visit CSI’s website for more information.
Our Captive Insurance Services
- Incorporation of a Cayman Islands Company
- Assistance in the preparation of the business plan of the company
- Assistance with the license application preparation
- Preparation and review of periodic management accounts, underwriting and other relevant information
- All Cayman Islands Monetary Authority liaising and filings
- Liaising with auditors, lawyers, actuaries, and other service providers as required
- All filings with the Registrar of Companies and other government departments, including annual return, registers, Economic Substance, FATCA/CRS, and other information as required
- Attendance at the annual meeting and other meetings as required
- Compliance function
Benefits of Captive Insurance Companies
- Transparency on premiums, claims processes and costs
- Control of the company’s overall financial position and employee product offerings
- Protect against market costs and coverage fluctuations that happen within the volatile commercial insurance options on the market that hike up premium rates
- Potential for profits for group captives as they typically allow members to earn dividends on unused funds. Plus, underwriting profits can be optimized by adopting rigorous risk control practices and claims management
- Ability to structure plans with customizes offerings with unbundled services
- Flexibility to offer customised policies not otherwise available in the conventional market.
- Direct access to reinsurance at a lower cost than what take place in the traditional market.
Guide to captive insurance
How to maximise profits, control costs and provide better employee coverage by establishing a captive insurance formation in the Cayman Islands
Captive insurance is an alternative way for companies to access insurance coverage. In this set up a parent group, or groups of companies, create a licensed insurance company to provide coverage for itself instead of going to a third-party insurance provider.
In other words, the company becomes the owner of their own insurance company rather than a buyer of an insurance policy. It originated as a company that insured only the risks of its parent company. Now the term refers to any insurance company set up in a captive jurisdiction that is not regulated as a regular insurance company.
Home to 100+ licensed banks from over 30 countries, Cayman is the #1 domicile for hedge funds and healthcare captives.