The formation of CRICO was prompted by the withdrawal of commercial insurance carriers from the Massachusetts insurance market due to deteriorating underwriting results.
Although immunisation and asset matching strategies are essential for captive insurance portfolios so as to minimise business risk, central bankers have forced bond yields to such artificially and historically low levels that returns on fixed income portfolios have been disappointingly low.
Risk managers are responsible for managing every risk an organisation faces by ensuring the company’s risks are identified and controlled in line with the company’s strategic direction.
The captive insurance industry was criticized by the New York Department of Financial Services (NYDFS) earlier last year when Superintendent Benjamin Lawsky issued a report calling for an immediate national moratorium on the use of captive insurance companies...
At the same time as David Cameron was extolling the virtues of “tax transparency” and putting in place intergovernmental agreements for the automatic exchange of tax information between the U.K. and its Crown Dependencies and British Overseas Territories, such as the Cayman Islands...
On 1 June, 2011 Canada and the Cayman Islands entered into a Tax Information Exchange Agreement, which, it is anticipated, will help forge far deeper links between the two countries as far as the financial services industry is concerned, and in particular, the captive insurance industry.
The Bermuda Monetary Authority has to find the right balance to allow business to thrive while maintaining international credibility at the cutting edge in growth markets such as insurance linked securities.
One of the most disguised dangers to any company or organisation is growth for growth’s sake. Corporate graveyards are littered with companies that grew fast, doing all things for all customers and never really finding their focus or a unique way of delivering that focus to an identified and willing market.