- The starting point for forming a captive insurance company involves a feasibility study, analysing the insurance program of the organisation, including status and costs, and ascertaining whether it would be beneficial to instead use a captive structure.
- We can guide you through the feasibility exercise, the negotiation of fronting and re-insurance arrangements (if appropriate). We can also prepare the insurance licence application and liaise with and submit the licence application to the insurance division of the Cayman Islands Monetary Authority (CIMA), and thereafter form and manage of the captive structure.
- The licensing process takes approximately 30 days and incorporation of the captive entity normally takes 3 business days from the submission of all necessary documents to the Registrar of Companies in the Cayman Islands and is generally done once the insurance licence has been approved in principle.
- IMS was established in 1974 and has been establishing and managing captive insurers since 1976. We have built a solid reputation in the captive insurance arena and specialise in medical malpractice (MedMal) captives, but can assist with other industry captives.
- Our total independence from all service providers, insurers and third parties means that we are able to draw upon our extensive network of industry connections, including lawyers, reinsurers, service providers and other invaluable contacts in the insurance industry.