Atlas Launches Captive Insurance Operation In The Cayman Islands

by Amanda Banks, Tax-News.com, London

30 January 2006

Atlas Insurance Management, a leading independent insurance management and consulting company specialising in the captive insurance sector, has announced the opening of an operation in the Cayman Islands.

“We are very pleased that the Cayman Islands Monetary Authority approved our licence application," stated Martin Eveleigh, Chairman of Atlas.

"We view the Cayman Islands as a premier domicile for captive management, and are extremely impressed with the infrastructure and regulation. A number of our prospects have expressed an interest in having Cayman as the chosen domicile and we now have the ability to offer a greater choice of domiciles for these prospects and clients," Mr Eveleigh added.

Atlas intends to to use the Cayman Islands for clients affiliated with the healthcare industry, such as physician groups, clinics, hospitals, long-term care facilities and managed care organizations, as well as for prospects from Latin and South America.

Atlas also announced the appointment of Mr. Clive Harris as director of Atlas Insurance Management (Cayman) Limited.

Mr. Harris has over 30 years experience in offshore finance and was formerly the Managing Director of IMS (Cayman) Limited, where he oversaw the captive, trust and company management operations.

“We are delighted to have someone of Clive’s stature and experience on the Board of our Cayman operation, and it is a sign of our commitment to the growth of our business in Cayman that we have been able to attract a person with his caliber as a director," stated Mr. Eveleigh.

Atlas currently manages in excess of 100 captives domiciled in the Bahamas, British Virgin Islands, Nevis and Anguilla and offers access to affiliated cell companies and life insurers in 4 jurisdictions.

The Cayman Islands has the second-largest captive insurance community in the world, after Bermuda.

A total of 83 new captives were licensed during 2003, bringing the total number of active captives to 644 at December 31st writing US$4.98 billion in premiums and reporting US$19.35 billion in assets.

Hurricane Ivan in 2004 damaged the Cayman Islands in physical terms, but did not halt the expansion of the insurance sector. According to CIMA, in the weeks that followed the devastating hurricane, nine licences were granted to captive insurance companies.

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