“ To be idle is a short road to death and to be diligent is a way of life; foolish people are idle, wise people are diligent.” – Buddha
Sometimes progress is difficult to discern – especially over the long haul when undoubtedly hills and valleys are encountered. Post-financial crisis, it is reasonably safe to say that we have made the steep climb out of a deep pit and yet many sectors of our financial services industry are only now again at pre-crisis levels. A great deal of effort expended to stay in the same position.
Now that we stand on the other side, the world looks different. New markets have opened and old markets have new expectations and requirements. To move ahead from here will require not only diligence but wisdom.
In this issue of Captive Insight we look at these new markets and business environments. Where are the new areas of opportunity for the Cayman captive insurance industry? What makes these markets attractive and how is the Cayman offering beneficial to companies in these areas? What will the captive insurance landscape look like in new markets such as Canada and Latin America where the traditional uses of a captive are not really applicable? Should we be now expecting the eventual rise in interest rates? What will be the outcome of the ever-increasing regulatory pressure from the OECD, G20 and FATF?
We also look at products. How do we prosper in this new era and how do we continue to provide services and products that meet the demands of the modern captive owner, regardless of what country she resides in?
Our task at hand is to take our 40 years of experience in the captive insurance business and diligently translate that into the development of new markets and to inspire and encourage innovation. We have the sound legislation, the risk-based regulatory model and the ‘open for business’ philosophy that is required. Our insurance managers and service providers are second to none, anywhere in the world. These are the reasons that companies select Cayman as their captive domicile. Of course, one of our challenges remains that the default explanation of Cayman’s success is always touted as being a tax play, when, in fact, there are few, if any tax advantages for captives domiciling in Cayman. When it comes right down to it, Cayman has been and remains a successful domicile because of its mentality of providing and accepting ‘Clearly Better Business’.
We are on the long road – the road of prosperity, for Cayman as a jurisdiction and for the clients we serve – and we will continue to weave our diligence into wisdom. As we travel along, we would love to hear from you. Contact us at @CaymanCaptive, on LinkedIn or Facebook.