Ireland gains another Cayman Islands offshore firm

| 17/02/2010

(CNS): An international insurance firm has joined the list of offshore companies moving from the Cayman Islands to other jurisdictions. United America Indemnity Ltd is moving to Ireland, the firm announced yesterday. Changing its plans to move from Cayman to Switzerland, it said it has now determined that incorporating in Ireland is in the best interests of the company and its shareholders. INDM stated that Ireland offers an attractive business environment, a highly educated and motivated professional workforce, a comprehensible legal system grounded in Common Law, a sophisticated regulatory environment, and an extensive global network of international treaties.

The firm said that full details of the move, including the associated benefits and risks, would be provided in the Company’s proxy statement, which was filed on 16 February in preliminary form with the SEC, and will mail in definitive form to shareholders as soon as it is available.

United America Indemnity, Ltd (INDM) through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies is a national and international provider of excess and surplus lines and specialty property and casualty insurance and reinsurance, both on an admitted and non-admitted basis.

Category: Business

Comments (26)

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  1. Anonymous says:

    Image!

    This article writes about a firm choosing Ireland over the Cayman Islands as a place to set up its business, and the company mentions the various reasons for doing so, educated workforce, infrastructure, regulatory framework, extensive global network…etc yet you choose an image of a derelict shack on a cliff to depict this country. Why not an image of the vibrant and multicultural city center of its capital Dublin? If an irish newspaper were to depict the Cayman Islands with a simliar derelict shack in a field, your readers no doubt would think it quite misleading and offensive. A little more integrity please!

    CNS: I think you’ll find that most articles about the Cayman Islands, whatever the subject matter, are accompanied by a picture of a beach, often with a hammock …….

  2. A Guy says:

    I don’t get it; I have lived here for 15 years, (half my life). I have many good friends who are Caymanian, some well educated and very intelligent. I look at the people who are running this country, and to be honest I’m impressed every time they string a sentence together.

    Where are the Caymanian people that this country really needs? The ones who have the ability to run this country? The ones who can make a difference? The ones who can stop the crime that is rife here. The death of a four-year-old child is unacceptable. UNACCEPTABLE.

    I love these Islands, and I for one will not be leaving, no matter how hard it gets. My family and my life are now here. And though I have no vote, right now I see nothing worth voting for.
     

    • Anonymous says:

      Most people with a brain are smart enough to stay out of politics.  Only the ruthless and power hungry are interested.

      Cayman better get its act together and shut down the protectionists or this ship is going down.  There a bunch of large companies on the fence right now – if guys like Chuckie and Hazard get the upper hand, it is going to be a race to the exit.

  3. Anonymous says:

    Anonymous Confession 11:34: Your post is poignant but your refernce to hate crimes is paranoid, very premature and indeed, reckless. To what crimes are you referring? It has been proven that most foreigners who have been victims of crimes here have been the victims of foreigners. For example: Canadian murdered at Ocean Club by Canadian; Honduran charged and acquitted of murdering a Canadian. Other foreign victims ofviolent crimes have apparently and allegedly been involved in dubious activity which brought them into contact with their attackers. Other than that there have been predatory and opportunistic crimes of which both foreigners and Caymanians have been victims. XXXX

    So, as the professional which you sound to be, it is careless of you to casually throw the ‘hate-crime’ assertion around without basis. 

    There are more cases of ‘hate’ expressed towards Caymanians than the other way around. You wouldn’t know but try being a Caymanian and getting good service at some SMB establishments.

    CNS: There was a reference to an ongoing trial (the judge is to give his verdict this week) which I have deleted. Sorry, just a bit longer until you can comment. The other reference – we have this from several sources and we’re trying to check it out. To all our other readers, sorry you didn’t get to read all the points made but they did support the argument that here have been no hate crimes by Caymanians against foreigners.

  4. Joe Average says:

    That is a beautiful photo of Ireland thanks CNS.

  5. Anonymous says:

    This company is on;y registered in Cayman, no employees  here. Walkers set up the company. So only a 3-4 hundred dollars a year will be lost to the economy

    • Adam Smith says:

      You really do not understand what drives the Cayman economy do you?  Get back to bartending and leave the difficult stuff for us.

  6. Blame Ezzard and now Chuckie says:

    If Cayman is to have any hope of stopping the collapse of the economy it must free up the employment market in terms of cost, speed of hiring and employer choice of personnel.  Doing business in Cayman is become too difficult and too expensive, especially when businesses factor the costs of keeping on a number of deadweight employees to keep the right side of immigration.

  7. Anonymous says:

    Anonymous Confession: I have been here 8 years and always thought I would stay here permanently to some degree.  The steady rise in serious crime and Government’s apathy about the state of affairs over the last 4 years have convinced me to scale back here and start planning my departure. Cayman has terrific potential but there is going to be great upheaval in the years ahead as the local population come to terms with the sea-change ahead. Some changes are external, brought about by the onging global economic collapse/re-organization and some are internal, resulting from years of poor planning, education and government administration. People used to be able to slip between the cracks here and still had an okay life. That is not going to be as easy in the future and and I’m fearful that Caymanians and expats who had things easy for a long time, are not going to adjust well to the new realities.  We’re seeing it in hate crimes against foreigners, a work permit board with long-held animosity and distrust of forreigners, rising gang membership and crime from the uneducated and disenfranchised. My choice is to remain as a frog in the soon to be hot water, or to recognize the reality and plan to leave, so with a heavy heart I chose the latter, and expect you to read about it one day as an office floor goes vacant and staff sell their homes and leave with us..  I chose to vent anonymously and publicly in the hope that Government arrests itself, shakes off the dust and makes some deliberate and proactive changes. We can all see what’s happening. This Country risks going through a very unpleasant passage without some reactions, changes and leadership. Mr. Bush, this is a Country of 50,000 people.  We respectfully request that you return from following Cayman’s sole novelty athlete at the Winter Olympics, that you return to Cayman and LEAD as we know you can.

    • Anonymous says:

      Thank you for a very well written letter. I am Caymanian and I see the very same problems you do. The only point I differ with you on is that I am now convinced, after years of supporting the man, that our Premier is now hopelessly out of his depth and only interested in the toys and perks that he can give himself as Premier. I am hoping that the old adage to the effect that "Cometh the Hour, Cometh the Man" will hold true for Cayman. We have great need for an educated hardworking person with a global perspective who is a true leader, innovator and communicator. Mr. Bush is definitely not that person.

    • Anonymous says:

      You make some good points but I really wish that people would stop saying that they are seeing hate crimes against expats since we have no real evidence that that is true. The fact that the Indian and Filipino nationals were expats does not of itself make these hate crimes. Indeed we do not know whether the perpretrators were Caymanian – you are simply assuming that. Should we also conclude that anytime a violent crime is committed against a Caymanian by an expat that these are "hate crimes".  

  8. Anonymous says:

     A small trickle becomes a waterfall!!!

  9. Anonymous says:

     "A highly EDUCATED and MOTIVATED workforce"

    Says it all doesn’t it?

     

  10. WaitandSee says:

    Cayman’s current environment is not attractive in many ways.  Economically, and just as important socially.  With the recent rise in work permit fees and the continued negative atmosphere and rising crime , our company is also looking at alternative locations to set up operations.  I wonder how many other companies are doing the same.   I also wonder how many companies are shying away from doing business here.  I truly hope Cayman has not seen its best days,  but fear that we are going down the wrong path.  Property tax and direct taxation loom, and that will be the beginning of the end for many other companies in Cayman. 

  11. Patricia X says:

    We don’t offer an attractive business environment anymore because of the ridiculous fees and red tape associated with Immigration.

    • The Truth says:

      Ridiculous Red tape and Immigration laws can be found anywhere in the world my dear…but im here to tell you that some can be avoided…  how you ask?

      I am a business owner,my fees have also gone up but it has encouraged me to look to Caymanians to make up my work force eliminating work permit fees unfortunately for some companies its more about helping out buddies overseas with a caribbean job or paying absolute minimum wages while riding the employess into the ground, in this case this company was here only for the tax free luxury cayman provides and when the money stop flowing they packed up and left, im sure the fees or red tape didnt bother them.

      So as you can see the Immigration Law does not force you to pay some fees, we/you choose every time we/you look for labour overseas.

      Not crazy about the lines at Immigration but i approve of the direction they are taking ……good work Mr. Manderson.

      • Anonymous says:

        I assume the business you owner is not in the financial services industry because you obviously don’t have a clue about how that works.

        • Ecomonies are Tumbling as the Man becomes richer says:

          HUH?

          You are right i dont understand it as in depth as you(im guessing you have all the answers) , but i recall writing ways of avoiding ome immigration fees and only stating that red tape exist every where in the world.

          Im sure you believe this company was registered here becuase it was interested in anything but the tax free detail but if you ask me this corrupt/fake and greedy finance system is one of the biggest reasons the whole world is tumbling as well as  its economies.

          Sorry but i wouldnt waste my time even if its my last option to understand such an industry……Cayman i understand depends on it but it still dosent mean that it isnt a flawed and lazy industry.

           

           

  12. Anonymous says:

    Highly educated work force – as I recall our Premier has suggested that Cayman certainly does not need that.

    Network of treaties – now let me see – wasn’t the idea of treaties what our highly educated Premier laughed at and said that Cayman didn’t need?

    Clearly Mac is leading us in the right direction – NOT.

    • Pending says:

      Educated and Mac, McKeeva, Premier Bush or any other names for him do not belong in the same sentence.. as far as I am aware he didn’t even graduate John Gray High School and now he leads a country……..and everyone wonders what wrong?

  13. Anonymous says:

    And in the mean time our premier is enjoying himself watching some rich kid ski!!!!

    The Man is a joke!!

    • Anonymous says:

      At least we know where Mac is. Where are the other Ministers?  Didn’t they run as a party / team?

    • Anonymous says:

       Never a truer word was spoken – Perhaps Mac and his family are also going to be a member of the elite Cayman Islands Ski Association which to date only appears to be made up of those with the surname Travers .