A.M. BestTV: Incoming U.S. Administration’s Tax Plans Capture Cayman Attention

OLDWICK, N.J.--()--In this A.M.BestTV episode, insurers gathered at the 2016 Cayman Captive Forum said Cayman's local insurance expertise and infrastructure should help maintain its position as a leading insurance domicile. Click on http://www.ambest.com/v.asp?v=imac1116nc to view the entire program.

Experts at this year’s conference are discussing industry trends, market conditions and potential changes on the horizon, focusing mostly on the possible tax changes in the United States.

“I've been working in captives now for over 30 years, and I just don't see tax issues being the driver for captive formations,” said Linda Haddleton, managing director, Cayman, Artex International. “A large number of the captives here are what the industry calls 953(d). They have made tax elections, and it is not high on the list of reasons why captives of the type we have here are formed.”

Jude Scott, chief executive officer, Cayman Finance, addressed the issue of the United States’ new administration looking to “come down on” off-shore domiciles.

“Cayman is very well-positioned about that. I think it is really about us being very proactive and engaging in a positive, proactive way with the new administration,” said Scott. “Cayman adds tremendous value to the U.S. economy. Looking at the types of business models here, it is not really based on taxation, because we are a fully tax-transparent jurisdiction. What that enables us to do is really focus on efficiency and the effectiveness of what we've built in Cayman and really work with the new administration.”

Other people that appear in this episode:

  • Kieran O'Mahony, chair, Insurance Managers Association of Cayman;
  • Robert McCaw, insurance consultant broker, RCM&D and
  • Adrian Lynch, managing director, Aon Insurance Managers, Cayman Islands.

Visit http://www.ambest.tv/imac16 for full coverage and exclusive interviews with key executives at the conference.

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Contacts

A.M. Best
Lee McDonald, +1 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com