cayman captive 2018 43
Richard Whitcombe / Shutterstock
This has been aided by the significant contribution of the Dart Group,
which has invested billions in Cayman’s infrastructure in the last decade,
building the Camana Bay waterfront centre, several hotels and improving
the islands’ infrastructure—all in cooperation with the Cayman government.
Rusu also praises CIMA, which has always maintained the right
balance of remaining on top of international developments in regulations
with good discipline, while being approachable and easy to work with.
“The key on Cayman seems to be that there is little friction between
different parties—everyone works together and pulls in the same
direction for the betterment of Cayman overall,” Rusu says.
“In other domiciles you may see disunity and more problems
and tensions. None of that seems to exist on Cayman. It has made
a concentrated effort to become what it is today by planning ahead,
developing growth plans and the necessary infrastructure accordingly.
There is a common goal that everyone believes in. The government
should be commended for that.”
captive clients combined comprise something in the region of $2.2
billion in GWP—some 18 percent of the $12.3 billion of gross written
captive premium on the Cayman Islands (according to the Cayman
Islands Monetary Authority CIMA, as at September 30, 2017).
“We have supported and contributed to the growth of the captive sector in
the Cayman Islands—but it has been a two-way street. The country has been
fantastic to work with. All of our group captive clients are based there—we
have never recommended another domicile. The issues have changed but
we still see Cayman as a great place to do business,” Rusu says.
A clarity of vision
Rusu praises the stability and clear vision of different governments
over the years that have always maintained their focus on supporting
the sectors that would ultimately provide stability and longevity to the
Cayman economy. The well managed economy has few problems and
no big deficit, and the infrastructure has been continually developed to
keep pace with the growth on the island.