GRAND CAYMAN THE WORLD S PREMIER€¦ · known as FATCA. DIVERSIFYING CAYMAN International finance...

G R A N D C A Y M A N

THE WORLD’S PREMIERO F F S H O R E F I N A N C I A L C E N T E R

A Special Advertorial Supplement of GRAND CAYMAN MAGAZINE

Long recognized as a world-classfinancial centre, the CaymanIslands is well-positioned to build

on its competitive strengths as it con-tinues to set the standard as a top choicein the global financial landscape.

Its status as a leading provider ofsophisticated offshore financial servicesis firmly grounded, with well-developedsectors that include banking, captiveinsurance and reinsurance, companyregistration, hedge funds, investmentfunds and companies, vessel and aircraftregistry, trusts, and securities.

This array of financial services issupported by excellent infrastructure,including secure digital communicationsand easy airlift from the U.S. andEurope, within a positive environment ofpolitical, social and economic stability.

The Cayman Islands enjoys one ofthe highest standards of living in theCaribbean, and with its ideal climate andquality of life, it has drawn and devel-oped a high-level talent pool of profes-sionals to deliver expert services tointernational clients.

Enhanced by a robust regulatoryand compliance framework, the island’swide-reaching financial domain includesmajor presence of the world’s largestbanks, sophisticated global law firms,the Top Four accounting firms, anddozens of small practitioners that servicethe industry. It is among the world’s

leading offshore hedge fund jurisdic-tions, and is a global leader in ship reg-istration, remaining the flag of choice forsuper yachts.

Indeed, the Cayman Islands wasrecently identified as one of the top “flagstates” in the shipping industry by the

International Chamber of Shipping, theprincipal international trade associationfor shipowners. It was among 13 juris-dictions receiving 100 per cent positivemarks in all 18 performance indicators.

The Cayman Islands AircraftRegistry is another important asset to thefinancial services industry, working inclose partnership with a specializedgroup of legal and financial firms, andgovernment authorities.

This favorable global reputationgoes a long way in attracting investorsand major players in the industry. It isone reason the CEO of GreenlightReinsurance Bart Hedges decided tooperate in the Cayman Islands ratherthan Bermuda, the domicile of choicewhen it comes to reinsurance compa-nies. Greenlight Re has invested assetsof $1.2 billion and capital of around$880 million.

As relationship-building is a key fac-tor in its approach to underwriting andasset management and as it is the soleopen market reinsurance companydomiciled here, Hedges notes that oper-ating in the Cayman Islands has a com-petitive advantage. “We don’t have tocompete with other people for a client’stime. The face-to-face time spentbetween senior team members is valu-able. When clients come to visit us, weget to know them, and we get to reallyunderstand their business, and theirreinsurance needs.”

Dart Realty (Cayman) Ltd. is alsoinvesting in the financial services realm,offering the island’s largest concentra-tion of “Class A” office space in

CAYMAN ISLANDS: POSITIONED FOR GROWTH

By Jenny Gabruch

Premier Financial Center 97

The Cayman Islands

enjoys one of the highest

standards of living in the

Caribbean, and with its

ideal climate and quality

of life, it has drawn

and developed a high-

level talent pool of

professionals to deliver

expert services to

international clients.

PH

OTO

BY T

AN

EO

S R

AM

SA

Y

98 Premier Financial Center

Camana Bay – more than 300,000square feet.

Serving as a hub for the financialservices community, the town ofCamana Bay includes residential, com-mercial, educational and recreationalfacilities, which are enhanced by parks,courtyards and an array of amenitiesspanning from restaurants and shoppingto fitness classes and entertainment –making it an attractive place to forCayman’s leading firms.

Its commercial spaces feature mod-ern and flexible interiors and state-of-the-art technology. This high-end busi-ness infrastructure, combined with allthe amenities of Camana Bay, givefinancial firms a competitive edge whenit comes to recruitment efforts, talentmanagement, and retention.

Dart is also developing another85,000 square feet of prime office andretail space, set for completion in 2015.This newest commercial space will alsoassist top financial firms to better aligntheir workspaces with their businessgoals.

With a firmly established relation-ship with the financial services sector,Camana Bay is positioned to growalongside the industry. This master-planned community is in its early stages,and is expected to inject more thanUS$2 billion into the economy over thenext decade of development.

Ernst &Young, one of the world’sleading professional services organiza-tions, became an anchor tenant atCamana Bay in 2003. The multination-al firm, which has a global reach inmore than 150 jurisdictions whichemploy 167,000 people, has roots inthe Cayman Islands dating back almostfour decades.

The company is a shining examplein Cayman’s financial panorama of pro-viding quality service, with first-handinsight in local market trends, along withaccounting tax and regulatory issues –including wading through the U.S.

Quality of life along with the availability of skilled

personnel, a sound regulatory environment,

first-rate business infrastructure, access to suppliers

of professional services, and favorable tax

environment are among the top factors listed

by the Global Financial Centres Index (GFCI)

that drive the competitiveness of global

financial centers. The Cayman Islands boasts

all these factors – and then some.

Foreign Account Tax Compliance Act,known as FATCA.

DIVERSIFYING CAYMANInternational finance has long beenconsidered as one of the two “eco-nomic pillars” of the economy,alongside tourism. A third pil-lar is soon to come on stream– medical tourism. A newindustry for Cayman, HealthCity Cayman Islands is a jointventure between NarayanaHrudayalaya Hospitals of India,a private venture developed byrenowned heart surgeon Dr.Devi Shetty, andAscension HealthAlliance, the largestCatholic non-profithealthcare organi-zation in theUnited States.

The projectwill bring high-quality, low-cost healthcareservices to theCayman Islands,and create aworld-class desti-nation for med-ical tourism.

The US$2 billion-project is now wellunder way, and isbeing constructed inphases over the next15 years through pri-

vate financing, with the first phase pro-jected to open early next year.

Similarly, the launch of a specialeconomic zone will help diversify theeconomy. Cayman Enterprise City isdesigned to promote a free-market busi-

ness environment through the cre-ation of knowledge-based indus-

tries for commerce and educa-tion. Comprising six campuses,

CEC will represent thelargest information and com-

munications technology clusterin the Caribbean region. It is

also positioned as a strategicbase for companies target-

ing emerging markets.Special economic

zones have consis-tently boostedlocal economiesaround the worldthrough directforeign invest-ment as wellas by creat-ing highlyskilled jobswithin the

zone and gen-erating work out-

side the zone in suchsupport sectors as con-

struction, professional services, andsupply services.

Continuous business developmentopportunities pave the way for futureendeavors across all sectors, and it isprogressing steadily here. That includesmajor developments proposed by theDart group – including hotels, infra-structure improvements and communityenhancements – under its groundbreak-ing deal struck with government in2011.

Among its plans are constructingfive hotels in the Seven Mile Beach,West Bay Road and Barkers areas, withcondominiums adjacent to those prop-erties. The redevelopment of the formerCourtyard Marriott into a 10-storey hotelis now under way, and is expected toopen in 2016.

It all adds to Cayman’s superiorlifestyle – a key factor in attracting andretaining high-caliber professionals inthe financial services realm.

Similarly, quality of life along withthe availability of skilled personnel, asound regulatory environment, first-ratebusiness infrastructure, access to sup-pliers of professional services, andfavorable tax environment are amongthe top factors listed by the GlobalFinancial Centres Index (GFCI) thatdrive the competitiveness of globalfinancial centers.

The Cayman Islands boasts all thesefactors – and then some. It’s what makesthese islands the jurisdiction of choicefor offshore financial services on a glob-al scale. }



G R E E N L I G H T R E

Bart Hedges likes to chart his owncourse. It’s part of what makeshis company so successful in the

competitive global reinsurance market.

Hedges is the CEO of Greenlight

Reinsurance, a reinsurance company

domiciled in the Cayman Islands that

employs a decidedly different

approach to underwriting and cus-

tomer service.

“There are two big factors that set

Greenlight Re apart – the strategy we

use for underwriting and our asset

management approach,” says Hedges.

“It is really unlike any other in the

industry.”

Building lasting client relationships

is a top priority at Greenlight Re – what

Hedges refers to as a “customer-centric”

business model that emphasizes conti-

nuity, partnerships, and commitment to

long-term success.

The company sees itself as a cap-

ital partner, not simply a counterparty

to transactions as is common in more

traditional models. “We want our cus-

tomers to view us as capital partners

and treat us like they would their equi-

ty and debt partners. Once we find

these types of partners, we do what

we can to help them do their business

better.

“This requires partners who under-

stand and are willing to accept risk in

managing their business, but it also

means that we believe in sharing prof-

its when the business is going well.

These types of partnerships take time

to develop and can prove to be very

important to both partners. If we are

successful, our reinsurance solutions

will help our clients seize opportunities

in the market while also protecting

their balance sheets.”

This means supporting a smaller

number of clients, allowing the

Greenlight team to focus their attention

on better understanding each business

and providing tailored solutions to

niche needs of specialist insurers, rein-

surers, and managing general agents.

“Typically, reinsurance companies

are focused on a product, and the rela-

tionship they have with a client is more

transactional, a sort of win-lose

approach. But we offer a different

choice,” says Hedges. “We invest our

time and effort to truly get to know our

partners’ businesses. This fundamental

understanding is particularly important

to structuring a long-term reinsurance

relationship. We believe in win-win

solutions, and as such align our inter-

ests with those of our partners. It is

quite a different strategy.”

Reinsurance, simply put, is provid-

ing insurance to insurance companies

– spreading the risk to enable the insur-

ance industry to function effectively

and efficiently. It allows companies to

take on more business than would be

possible without a significant increase

in capital and risk.

In addition, having another com-

pany to protect against certain losses

results in less of the insurance compa-

ny’s working capital being tied up,

which means it can invest elsewhere.

Greenlight Re writes a variety of

property and casualty business and is

the sole open market reinsurance com-

pany domiciled in the Cayman Islands.

Greenlight Re invests its funds with

DME Advisors, an affiliate of New York

hedge fund Greenlight Capital, Inc.,

which is managed by David Einhorn,

who also is the founder and chairman

of Greenlight Re.

“Reinsurance and insurance com-

panies are very asset-intensive com-

panies. Most invest in fixed-income

portfolios, which are stable, but have

lower returns. Our model takes a dif-

ferent approach,” notes Hedges. “By

combining best-in-class underwriting

with a long/short hedge fund strategy,

it allows us to be more selective on

the underwriting side and puts less

pressure on the underwriters to

service the capital, which we believe

will result in superior book value

growth over time.”

GROWING SUCCESSGreenlight Re was incorporated in

2004, the original concept designed by

Greenlight Capital. It began underwrit-

ing operations in 2006 and started trad-

ing publicly on the NASDAQ Stock

Market a year later. It opened a sister

company in Dublin, Ireland in 2010,

providing a broader platform to serve

clients in Europe.

The Cayman entity is rated “A”

(Excellent) by AM Best, and the Dublin

entity is rated “A-” (Excellent). The

group has invested assets of $1.2 billion,

and capital of approximately $880 mil-

lion. The company has 30 employees,

Bart Hedges, CEO of Greenlight Reinsurance, and Brendan Barry, Chief Underwriter Officer

A PARTNERSHIP APPROACH TO REINSURANCE


the majority located in the Cayman

Islands offices in Camana Bay.

Hedges says despite facing a chal-

lenging environment spurred by the

global financial crisis and the competitive

reinsurance and insurance landscape,

Greenlight Re has been in growth mode.

“Our business model is working

well. Our customer base has grown

year on year since our formation”, he

says. “We continue to find ways to cre-

ate value in a difficult market – and we

are anxious to see what we can do in

more favourable markets.”

Part of its success comes down to

the company’s streamlined organiza-

tional structure.

“The benefit is our clients get to

deal with decision-makers directly,”

says Hedges. “Our underwriting team is

fairly small and includes daily interac-

tion with me, the CEO, which means

that we can make quick decisions, and

give our clients certainty. We also

believe in a “cradle-to-grave” philoso-

phy of administering our contracts,

which means our partners enjoy conti-

nuity in relationships.”

Hedges is a 25-year veteran in the

insurance and reinsurance field. He

previously was head of an underwrit-

ing company in Bermuda, the domicile

of choice when it comes to reinsurance

companies. He says operating in

Cayman, however, has some competi-

tive advantages.

“People ask me: ‘Why Cayman?’

My answer is: ‘Why not?’ It has the

infrastructure to run an international

business, catering to a sophisticated

financial services industry. It has a

robust regulatory system, and it is a

jurisdiction that is well known.”

And, unlike Bermuda, there are no

other reinsurance companies in

Cayman that sell in the open market,

which allows for better relationship

building.

“It’s kind of nice being the only

open-market reinsurance company on

the island,” says Hedges. “We don’t

have to compete with other people for

a client’s time. The face-to-face time

spent between senior team members

is valuable. When clients come to visit

us, we get to know them, and we get

to really understand their business,

and their reinsurance needs. Our

clients are special, and we treat them

that way.”

It all comes back to the partnership

philosophy. Once Greenlight Re selects

a partner, the company provides sup-

port in many ways to help its cus-

tomers perform better in their business.

Greenlight Re is also an active part-

ner in the Cayman community. “We

believe it’s important to give back and

to be involved in the communities in

which we operate,” says Hedges.

Each year, the company sets aside

a budget to support a broad range of

non-profit groups and charitable caus-

es that also reflect its core values. The

company invests in five main areas:

benevolence, youth and sport, health

and environment, education, and cul-

ture and arts. Through the years, it has

supported such groups as Hospice

Care, the NCVO, Blue Iguana Recovery

Program, Rotary, and the Rugby Club,

to name a few.

It also provides funding for schol-

arships that target students who need

financial assistance to achieve their

educational goals.

Hedges says building partnerships

in both business and the community

produces positive results.

“We believe long-term partnerships

can be profitable to all parties.” }

Greenlight Re65 Market Street, Suite 1207Jasmine Court, Camana Bay

(345) 943-4573 | greenlightre.ky

“Our reinsurance solutions will help ourclients seize opportunitiesin the market while also protecting their balance sheets.”

— Bart HedgesCEO of Greenlight Reinsurance


E Y

“A re you a US-status person?”is a question many financialinstitutions across the

world will be seeking to answer regard-ing their individual and entity accountholders, investors and shareholders in thecoming months. The reason is the USForeign Account Tax Compliance Act(FATCA), which is designed to preventUS taxpayers from evading taxes byinvesting through non-US financial insti-tutions and offshore investment vehiclesand concealing their assets, as well as thecorresponding income, from the UnitedStates Internal Revenue Service (IRS).

FATCA legislation applies to banks,investment funds, insurance companies,trusts and other financial servicesproviders worldwide, forcing them to dis-close information on their US accountholders to the IRS or face a 30% with-holding tax on certain US-source incomeand gains. For foreign financial institu-tions, or FFIs as FATCA terms them, ignor-ing the law is therefore not likely anoption. But compliance, in turn, createsmany operational headaches.

Chris Larkin, senior manager,financial services, at Ernst & YoungLtd., the EY organisation’s memberfirm in the Cayman Islands, says that inaddition to cost, the main challenge forfinancial institutions is “knowing whoyour account holders or investors are,and either having the systems in placethat have been correctly tracking thedata needed for FATCA or making surethat you can identify what gaps youhave within your current systems andchanging the systems to meet theFATCA regulations.”

To begin with, FFIs need to under-stand which individual customeraccounts belong to US citizens, green-card holders or US resident aliens, evenin cases where they have dual citizenshipand have used their “other” passport toopen a bank account, for example.

As part of the process, financial insti-tutions will need to review client data toflag customers, investors and sharehold-ers for US “indicia” – US residence ormailing address, US telephone numbers,standing instructions to pay amountsfrom the account to an account main-tained in the US and so forth – and any-one with such indicia must provide doc-

umentation confirming US or non-US sta-tus. In many cases, FFIs lack sufficientdata and will need to undertake a data-gap analysis and then go back to cus-tumers to fill in the missing data orupdate supporting documentation.

FFIs also have to ensure thataccounts belonging to other financialinstitutions are FATCA-compliant, andthey have to determine whetheraccounts belonging to non-financial for-eign entities (NFFEs) may have any “sub-stantial US owners” — that is, any spec-ified US person that directly or indirect-ly owns more than 10% (stock/interest)of such a foreign entity (or 0% for cer-tain investment vehicles).

Financial institutions may face addi-tional challenges around a mazeof legal entities and complexhierarchies of directors, share-holders and ultimate beneficialowners, whose tax status has tobe documented, and if they areUS taxpayers, comply with theFATCA regulations for reportingtheir ownership information tothe IRS.

As there are no automatedtools for many of these tasks, thechallenge is one of volume andcomplexity.

The initial task is to fullyunderstand what FATCA requires, saysLarkin, because it is such a broad,detailed and complicated type of regu-lation.

Most institutions form committees,involving various internal departmentsfrom tax to operations and IT, to cometo grips with the implementation ofFATCA.

“From our perspective, FATCA isprimarily a data and systems issue,where the onboarding process is cru-cial,” says Larkin.

Aside from providing a broad under-standing and educating clients on FATCA,an EY member firm will conduct a legal-entity analysis so that an institution andall the entities within its corporate struc-ture understand how each is classifiedunder FATCA and the requirements thatfollow from the classification.

If it is classified as a FFI, the insti-tution will need to determine the US or

non-US status of its account holders or,in the case of a hedge fund, its investors.

“That is where we come in as well,”Larkin says. EY will take an institution’scustomer data and run it through its pro-prietary tools to identify the FATCA datapoints that are present for each investor,as well the specific FATCA data points thatare missing or invalid. This gap analysisassists the institution with proceeding toupdate its systems to be FATCA-compli-ant, as well as its onboarding process fornew investors going forward.

Based on this analysis, an institu-tion’s systems can also be adapted to becapable of looking for US indicia, ulti-mately confirming whether customers orinvestors are US taxpayers or not.

Following on from this process, EYcan help clients with their communicationplan to keep customers informed aboutFATCA and to request any additional doc-umentation that may be needed.

DEALING WITH THE CUSTOMERTechnology and gaps in the data captureare not the only challenges for financialinstitutions. Customer resistance to thereporting is another.

Financial institutions are naturallyconcerned that they are jeopardizingtheir relationships with their clients byinconveniencing them with added time-consuming paperwork, such as US taxforms, especially if they are not US tax-payers.

FATCA requires that customers withUS indicia provide documentation con-firming US or non-US status, and if USstatus, that they agree to be reported. Inmost cases, customers and investors willhave to complete U.S. Treasury form W9,

THE GLOBAL CHALLENGE OF FINDING

US TAXPAYERS


confirming their US tax status, or W8-BEN, stating they are not US taxpayers.

“Recalcitrant” customers, who sim-ply refuse to comply or are late in theirresponse to meet the FATCA deadlines,represent both a compliance and busi-ness risk and have to be flagged.

Some institutions segment their cus-tomers according to thresholds specifiedin the regulations to cut down some ofthe workload and speed up the process.

Under FATCA, not all customers arealike. Any existing customer, even withUS status, whose aggregated accountbalance is less than US$50,000 is not sub-ject to reporting, but for those who havemore than US$1 million in theiraccounts, FFIs will have to undertakeextensive due diligence, such as exam-ining paper records, to determine thecustomer’s tax status. For entity accountholders, the thresholds are $250,000 orless (de minimis) and greater than US$1million (high-value account).

Automated systems can help identi-fy and filter customers according tothese thresholds, but FFIs also need toenhance their systems to obtain the rel-evant information from new customersand counterparties, for whom excep-tions do not apply.

While global banks may be furtheralong in this process, smaller local insti-tutions are at various stages of imple-mentation. Hedge funds, the largest seg-ment of the Cayman Islands financial serv-ices sector, rely heavily on their adminis-trators to help them become FATCA-com-pliant. However, final responsibility forcompliance with the regulations still lieswith each foreign financial institution.

“Globally, EY has assisted some ofthe larger administrators with theirFATCA projects, as they realized early onthat this service could not only be a rev-enue generator but also a market dif-ferentiator,” Larkin says.

INTERGOVERNMENTAL AGREEMENTSThe global implementation of FATCAhas proven very challenging.

The complexity of the law resultedin delays to the release of detailed finalregulations and revised timelines.Another major difficulty is that by apply-ing US law extraterritorially, FATCA putsfinancial institutions in a difficult spot. Inmany countries, reporting customerinformation to a foreign governmentwould fall afoul of data protection andprivacy laws. This leaves FFIs with the

option of not complying with FATCA orof violating local laws.

The solution to this problem is forthe US to conclude intergovernmentalagreements with each country to estab-lish a framework for institutions to reportthe account information required byFATCA to their local tax authorities. Theseauthorities then send on the informationto the U.S. Internal Revenue Service,obviating the need for each FFI to signindividual agreement with the IRS.

The Cayman Islands Governmenthas agreed to sign a Model 1Intergovernmental Agreement (IGA),one of the two available options, withthe United States.

The primary benefit of the IGA isthat the financial institutions in theCayman Islands will not report directlyto the IRS but to the Cayman Islandsgovernment authority tasked with han-dling FATCA. “The other advantage ofthis agreement,” says Larkin, “is thatCayman Islands financial institutions thatcomply with the Model 1 IGA require-ments will not be subject to withhold-ing tax by US counterparties, and inmost cases – although there are someexceptions – will not have to apply awithholding tax on account holders.

“But there seems to be a big mis-conception by many foreign financialinstitutions, that if you are in a countrythat has signed a Model 1 agreementwith the US, you don’t have to do any-thing. Unfortunately, you still have to doall the FATCA due diligence aroundaccount holders or investors. None ofthat has changed,” he says.

THINKING AHEADWith the global focus on tax trans-parency and the automatic sharing of taxinformation, FATCA is just one of manyinitiatives that the Cayman Islands hasrecently signed on to. The CaymanIslands, along with the other OverseasTerritories & Crown Dependencies, isexpected to participate in the UKFATCA-style agreements (dubbed “UKFATCA” or “Son of FATCA”). In April, theCayman Islands committed to joiningthe G5 Multilateral Tax InformationExchange Pilot, as well as announcingin June that it would commit to theConvention on Mutual AdministrativeAssistance in Tax Matters. Each of theseinitiatives will ultimately require FATCA-like procedures to identify and disclosetaxpayer information for many other

countries and expand the scope of trans-parency in offshore jurisdictions.

The facts speak for themselves: thebest weapon against illegal activities istransparency. The Cayman Islands isvery focused on tax transparency andsupports the automatic exchange ofinformation to allow other jurisdictionsto enforce their laws, as evidenced bythe 31 existing Tax InformationExchange Agreements (TIEAs) whichthe Cayman Islands has signed withother countries in addition to the abovecommitments. This focus also allowsother jurisdictions to make any neces-sary amendments to their tax laws.

These facts also support that theCayman Islands is not considered avehicle to evade taxes. The CaymanIslands is a tax neutral jurisdiction thatis critical to global capital flows that sup-port economic growth in countries.Mike Mannisto, partner, financial servic-es at Ernst & Young Ltd., the EY organ-isation’s member firm in the CaymanIslands says “FATCA compliance withthe US looks like it’s only the beginningin our tax transparency journey.Organizations will need to start consid-ering that the future may include the‘exchange of tax information’ across sev-eral different countries, not just the US.Organizations should keep this in mindas they change their processes and sys-tems to capture and report the necessaryinformation under FATCA. Cayman’scommitments, focus and leadershipwhen it comes to tax transparencydemonstrate the jurisdiction’s focus oncontinuing to be a high-quality domicileof choice and leader in the future.”

“The objective for financial institu-tions in the Cayman Islands shouldtherefore be to implement onboardingprocesses and develop toolsets that cansolve future customer classification andreporting requirements,” Larkin says.

“We have been helping funds andother clients to understand that althoughFATCA is US-specific, it will save thema lot of time inthe future if theyadopt a processthat identifieseveryone’s taxstatus.”

The next ques-tions may wellbe: “Are you a taxpayer in the UK,Germany or China?” }

A strong performance depends on bringing the right pieces together. At Butterfi eld, we specialise in assembling the right people,

products and services to create solutions that meet your unique fi nancial requirements. It’s a skill we’ve honed over 150 years

and a promise we live up to every day by listening, acquiring a genuine understanding of your needs and circumstances, and then

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www.butterfi eldgroup.com

The Bahamas I Bermuda I Cayman Islands I Guernsey I Switzerland I United Kingdom

In harmony with your goals.

CAYMAN ISLANDS INSURANCE ASSOCIATION

T he Cayman Islands InsuranceAssociation (“CIIA”) was formedin 2004. We bring together var-

ious associations from the CaymanIslands’ domestic insurance industry. Wehave created a single body whichresponds to and advises the public oninsurance issues and to represent theinterest of its members.

The CIIA Board is represented byqualified senior members of the gener-al insurance, health insurance and lifeinsurance markets.

We also focus on the education andprofessional development of our mem-bers with the aim to increase awareness,knowledge and understanding ofCayman’s insurance market.

We work closely with the CaymanIslands Monetary Authority (“CIMA”)and adhere to Codes of Conduct toensure the public is dealt with fairly bythe insurance providers in the CaymanIslands. The Codes explain the rights andobligations of the insuring public and thestandards of service and competencepeople and companies should expectfrom members of the CIIA. }

Cayman Islands Insurance Association To learn more please visit our website www.ciia.ky

or email us at [email protected]

PROTECTING AND PROMOTINGTHE REPUTATION OF THE

CAYMAN ISLANDS INSURANCE MARKETMission Statement: “The Cayman Islands Insurance Association (“CIIA”) seeks to unite all member

agents, brokers & companies to create & maintain the highest standards of service, ethics, transparency &good practice in all aspects of insurance in the Cayman Islands, thus protecting & promoting the national

& international reputation of the Cayman Islands’ insurance market.”


ASSOCIATE MEMBERSJ.E.C. Property Consultants Ltd

Andrews Key Property Consultants

A.M. Best Company is a global credit rating agency dedicated to serving the insurance industry.It is recognized worldwide as the benchmark for assessing and comparing insurers’ financialstrength. A Best's Financial Strength Rating is an independent opinion of an insurer's financialstrength and ability to meet its ongoing insurance policy and contract obligations. It is based onan evaluation of a company’s balance sheet, operating performance & business profile. It is animportant factor in your decision-making process to purchase insurance. For the latest rating,access www.ambest.com

Please note agents and brokers, although not rated, are accountable for providing best practiceand advice to consumers.

AGENTS & BROKERS

Aon Risk Solutions (Cayman) Ltd

BAF General Insurance Brokers(Cayman) Ltd

Balderamos Insurance Services Ltd

Bogle Insurance Brokers

Caribbean Insurance Practice(International) Ltd

Cayman Insurance Centre

F.I.S Insurance Brokers Ltd

Fidelity Insurance (Cayman) Ltd

First Financial Insurance Brokers Ltd

International Healthcare Solutions(Generali)

JEN International Insurance Brokers Ltd

Marsh Management Services(Cayman) Ltd

Pelican Trading Company Limited

Rossborough (Cayman Islands) Limited

SRS (Cayman) Ltd

INSURANCE COMPANIES

BAF Insurance Company (Cayman) Ltd

BBP Insurance Ltd (CayMed)

British Caymanian InsuranceCompany Limited

Rated A- (Excellent) by A.M.Best

Cayman First Insurance Company Limited


CINICO (Cayman Islands National Insurance Company Ltd)

Island Heritage Insurance Company Limited


Sagicor Life of the Cayman Islands Ltd

Saxon MG

The Insurance Company of the West Indies

(Cayman) Ltd

OUR MEMBERS


C A M A N A B A Y

The Cayman Islands’ competitive-ness as a leading world financialcentre has both attracted and

developed a talent pool of profession-als characterized by their expertise,motivation and consistency in deliveringextraordinary service to global clients.

Overall quality of life for thiscalibre of workforce along withbusiness infrastructure and first-rate commercial property rankamong the top 10 factors drivingthe competitiveness of globalfinancial centres, according to theGlobal Financial Centres Indexwhich measures 60 indices tabu-lated with surveys from nearly27,000 industry professionals.

Camana Bay has proven howthese attributes can motivateworld-class firms to choose it asa business location, resulting inthe town’s establishment as a hub forCayman’s financial services community.

The 500-acre town spans sea to seafrom Seven Mile Beach to the NorthSound. Thoughtfully designed residen-tial, commercial, educational and sportsfacilities are enlivened by botanic parks,courtyards and welcoming public spaceswith more than 30% of the Town Centredesignated as public space. TraditionalCaribbean-inspired architecture, modernand flexible interiors and state-of-the-arttechnology define the Town’s commer-cial spaces, providing both the aesthet-ics and infrastructure that Cayman’sleading companies demand for theiremployees, clients and businesses.

Camana Bay delivers the dynamicwork-life balance which has proven crit-ical to employee satisfaction. Companiesin Camana Bay offer their employees arich array of amenities and essential serv-ices, from shopping, restaurants and thecinema, to fitness, live entertainment,medical and postal services, all of whichare easily accessible via pedestrianfriendly streets and sidewalks. The intrin-sic benefits of the location provide firmswith a competitive edge in recruitmentas well as effective tools in supportingtalent management and retention.

With Camana Bay offering theisland’s largest concentration of “Class A”office space, more than 300,000 squarefeet that is nearly fully leased, Dart Realty

(Cayman) Ltd. is developing another85,000-square-foot office and retail-building, 18 Forum Lane. Scheduled forcompletion in early 2015, this newestcommercial space will embody all thepractical benefits of Camana Bay thathelp leading financial firms better aligntheir workspaces with their businessgoals. From sophisticated networkingand telecommunications infrastructure toflexible spaces scalable to any size ortype of business to assured business con-tinuity, Camana Bay helps its tenants todrive organisational efficiency and effec-tiveness. 18 Forum Lane is designed toachieve LEED Certification, advancingCamana Bay’s focus on sustainability andenergy efficient operations.

While Camana Bay’s relationshipwith the Cayman Islands’ financial serv-ices sector is well established, the Townremains in its early stages with an esti-mated economic impact of more than US$2 billion over the next decade of devel-opment. Camana Bay is poised to growalongside the industry, entrenching theCayman Islands’ long-term position as aleading global financial centre. }

To learn more about Camana Bay

Call Sloane Rhulen at (345) 640-4000

[email protected]

The mix of financial services and support organisations at Camana Bay is as

diverse as Cayman’s financial industry itself. It includes:

BNY MELLON FUND MANAGEMENT

BNY MELLON WEALTH MANAGEMENT

CAYMAN NATIONAL BANK

CITCO

EFG BANK

ERNST & YOUNG

FORBES HARE

GLOBEOP FINANCIAL SERVICES (CAYMAN) LTD.

GRANT THORNTON SPECIALIST SERVICES

GREENLIGHT RE

HF FUND SERVICES

KOBRE & KIM

ITA GROUP

LONDON & AMSTERDAM TRUST COMPANY

OGIER

PERSONNEL 2000

PROSPERITY CAPITAL

RITCHIE CAPITAL

SMEETS LAW

STATE STREET CAYMAN

SWISS & GLOBAL

WILLIS MANAGEMENT

ZOLFO COOPER

WORLD CLASS WORKSPACE FORGLOBAL FINANCIAL LEADERS

Come. Make Your Escape.

LIVE IN A PARADISE THAT ENCOMPASSES THE ULTIMATE LIFESTYLE

60 private luxury residences with spacious three-, four- and six-bedroom floor plans constructed to the highest specificationsState-of-the-Art Fitness Studio • Beachside Infinity Pool • Private Massage Room • 24-Hour Security

Beachfront Owners’ Conservatory with Wine Storage and Chef’s Kitchen • Concierge ServicesOwners’ Guest Suites and Boardroom • Private Under Building Parking and Storage

Valet Parking and On-Site Luxury Car Service • Priced from $2.95 Million USD

W W W . T H E W A T E R C O L O U R S C A Y M A N . C O M

Each office independently owned and operated. RE/MAX Cayman Islands, 7 Mile Shops, Grand Cayman. CIREBA Member. MLS # 102837-845, 102848, 102850-874, 125191-193

James Bovell(345) 945-1585

[email protected]

Kim Lund(345) [email protected]

www.caymanlundteam.com

SCAN . EXPLORE.

R B C W E A L T H M A N A G E M E N T

As one of the world’s top 10largest wealth managers, RBCWealth Management, part of

Royal Bank of Canada, has provided off-shore banking and wealth managementservices to Cayman residents and inter-national clients in Cayman since 1972.The George Town office is home to alarge team of professionals with accessto a complete range of wealth manage-ment services through RBC WealthManagement’s global network of offices.

Fundamental to RBC WealthManagement’s success has been its rep-utation for strength and stability and itsdesire to continue to enhance the qual-ity and breadth of its overall wealthmanagement offering. However, we arefully cognizant that running a leadingsuccessful and responsible businessgoes beyond simply hiring talented peo-ple and developing an internationalfootprint. It requires an ethos of deliv-ering high service standards to the

client, thorough accountability acrossoperations, and an on-going commit-ment to the community in which weoperate.

A clutch of industry awards have re-affirmed RBC Wealth Management’sposition as a leading financial institu-tion – we were named ‘CaribbeanPrivate Bank of the Year’ at theCitywealth International Financial CentreAwards in January, and also came run-ner-up in the ‘Caribbean Trust Companyof the Year’ and ‘Offshore TrustCompany of the Year (British Crown

Dependencies)’ categories. The follow-ing month, RBC Wealth Managementwas named ‘Best Private BankingServices Overall’ in the Cayman Islandsfor the second year in a row in theEuromoney rankings, and also claimedthe number one ranking in Cayman ineight different categories, including‘Range of advisory services’, ‘EquityPortfolio Management’, ‘Commoditiesinvesting’ and ‘Trust services’.

These are all testament to the scopeof our activity, the depth our expertiseand the professionalism with which weconduct our affairs. We are proud of thecontribution our business and itsemployees have made to the local econ-omy and community to date, and lookforward to growing our business furtherin the Cayman Islands. }

RBC Wealth Management (345) 949-9107

rbcwminternational.com

LEADING BY EXAMPLEIN THE CAYMAN ISLANDS

Bermuda Investment Advisory Services LimitedWessex House, First Floor • 45 Reid Street, Hamilton • HM12, Bermuda

Tel: (441) 292-4292 • www.bias.bm

“Bringing Clarityto a World of Conflicting Information.”

In a time when investors are overwhelmed by the vastamount of conflicting information available, our responsibilityat BIAS is to bring clarity to our clients so that they canachieve their financial objectives.

Since 1991, BIAS has been managing assets for high net worthindividuals, trusts, charities and captive insurance companies.


H A R B O U R H O U S E M A R I N A

The history of Boston Whalerbegins with the legend of unsink-ability. In 1958, founder Richard

Fisher sawed the first 13-foot Whaler inhalf to prove that it would stay afloat,and stay afloat it did. But Fisher’s featwas only the beginning. Today, BostonWhaler continues to advance the possi-bilities of boating in all directions, fromsubtle adjustments in ergonomics tomajor breakthroughs in manufacturing,technology and design. The core valuesremain constant—high functionality,rugged sophistication, seamless transi-tion from hardcore offshore fishing tocasual sunset cruises—even as thebar for comfort and capability israised time and again.

In fact, Boston Whaler hasintroduced an incredible 10 newboats in just two years’ time, withmany more on the not-so-distanthorizon. These new models spanthe lineup and even include a newfamily of boats, the Vantage series.The dual-console 230 and 270Vantage made waves when theyfirst came on the scene in 2012,and they continue to earn acco-lades with features like the uniquelyconvertible port lounge seat and clever-ly designed layout.

Other new models include the 270Dauntless, the biggest member to jointhe popular Dauntless family. “The 270Dauntless is as comfortable as it is aes-thetically pleasing,” says Jeff Vaughn,Boston Whaler’s vice president of sales,marketing and customer service. “In trueDauntless spirit, it’s equipped for every-thing from offshore fishing runs to enter-taining to watersports—and looks styl-ish doing it all.”

Another stylish contribution to thelegend is the 350 Outrage, from theaward-winning team behind the 370Outrage. Designed to serve as a well-appointed offshore fishing or cruisingvessel—and perfect as a spacious, ver-satile yacht tender—the new Outrage isworld-class all the way. “The 350Outrage is a perfect example of thedirection Boston Whaler has been head-ing,” Jeff says. “We are consciously anddeliberately making innovation a prior-ity. It’s about shaping products thataddress the needs and desires of today’s

boaters, from the way they use onboardspace to the functionalities they crave.”

All the better to achieve your goals,be it to reel in a bigger catch, reach afarther-off fishing hole, carve a higherrooster tail, or release a louder bellylaugh. Bigger, bolder, richer and morelayered. The Boston Whaler legendgrows.

For more on Boston Whaler and toview the complete lineup of boats, visitwww.bostonwhaler.com.

Harbour Househas been the BostonWhaler dealer sincethe early 1990’s andis available exclu-

sively at Harbour House Marina—Cayman's premier boat dealer. }

Harbour House Marina(345) 947-1307

[email protected]

At the end ofMarina Drive, Prospect

THE GROWING LEGENDWith 10 new boats in just two years, Boston Whaler continues its legacy of innovation


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