Cayman Islands News

U.S. Multinationals Flee No-Tax Caribbean Havens, in Favor of Low-Tax Havens

Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing …

Cayman Islands Issues 39 Insurer Licenses in 2016

The Cayman Islands Insurance Industry saw a “buoyant” start to 2017, with eight new insurer licenses issued in the first quarter, which followed a strong year in 2016 when 39 insurer licenses were issued, said the Insurance Managers Association of …

Global Indemnity Completes Redomestication to Cayman Islands

Global Indemnity plc has completed its redomestication from Ireland to the Cayman Islands. As previously announced, the name of the new holding company is Global Indemnity Ltd. Global Indemnity Ltd. is registered with the Securities and Exchange Commission under the …

Global Indemnity to Redomicile from Ireland to Caymans

Global Indemnity plc announced that its board of directors unanimously approved a plan to redomicile from Ireland to the Cayman Islands. Shareholders will be asked to vote in favor of completing the reorganization proposal at a special shareholders meeting. If …

Paulson’s PaCRe Shuts Down After Investment Slump, Bermuda Tax Uncertainties

Billionaire John Paulson’s New York hedge fund firm has shut an operation in Bermuda that had been targeted by a Democratic lawmaker as a tax shelter. Paulson’s venture, a reinsurer named PaCRe Ltd., has stopped writing new coverage, and its …

Third Point Re’s Stock Falls Below Level of 2013 IPO on Faltering Investments

Third Point Reinsurance Ltd., which counts on hedge fund manager Dan Loeb to oversee its portfolio, fell below the price of its 2013 initial public offering after investments faltered. The reinsurer tumbled 2.3 percent to $12.49 at 4:04 p.m. in …

Greenlight Re Posts Q3 Loss on Poor Investment and Underwriting Performance

Greenlight Capital Re Ltd. posted its third-straight unprofitable quarter on losses in the investment portfolio overseen by hedge-fund manager David Einhorn. The net loss for the period ended Sept. 30 widened to $219.7 million, or $5.98 a share, from $51.8 …

Einhorn’s Greenlight Re May Gain $30.4M From China’s Currency Devaluation

With U.S. equities declining in the wake of China’s currency devaluation, hedge fund manager David Einhorn may be one of the few stock pickers to get a direct boost from the yuan’s sudden decline. Greenlight Capital Re Ltd., an insurer …

Insurance Managers Association of Cayman Appoints Deputy Head of Insurance

The Insurance Managers Association of Cayman (IMAC) has appointed Razaak “Raz” Busari as deputy head of the Insurance Supervision Division. Busari officially started in his post June 22, 2015, bringing with him more than 15 years of experience and expertise …

1st Cayman Portfolio Insurance Company Formed by Ascension Insurance

The first portfolio insurance company (PIC) has been formed in the Cayman Islands, as a direct result of new insurance regulations Cayman enacted in January to provide risk management alternatives for insurers incorporated as segregated portfolio companies (SPCs). AARIS Insurance …