Cayman luring insurance market away from Bermuda

(CNS Business): Premier McKeeva Bush has said that while Bermuda has been the champion of the insurance and reinsurance industry, the Cayman Islands was now a better choice and could grow in this market “without the malice, without the inhibitions of race, without the inhibitions of transport.” Speaking at the 11th annual Insurance-Linked Securities Summit, Bush said that in addition to changes to immigration policy to entice the industry to this jurisdiction, his government intends to offer financial concessions that will dramatically reduce operational costs compared with other financial centres. An industry expert at the summit said Bermuda would lose out because it had adopted its own capital rules that in many ways were similar to the European-led Solvency II regulation, which he described as a “huge miscalculation”. Read more on CNS Business