- Friday, August 14, 2015
Law firm Solomon Harris (Cayman Islands) was recently awarded the “Offshore Law Firm” at this year’s US Captive Services Awards hosted by Captive Review.
Captive insurance is a form of risk management and refers to insurance companies created by a parent group to cover any risks that the parent company may incur. Lines may include workers’ compensation or other liabilities, such as vehicle insurance. The Cayman Islands is one of the largest domiciles for captive numbers, following Bermuda for the top spot.
During the 10 August awards in Burlington, Vermont, over 74 firms from across the North American captive insurance industry competed for 26 awards. The awards are in their fourth year and were created to recognise top performers in the captive insurance industry. Criteria include outperforming other companies and a demonstration of excellence as well as innovation in the American marketplace.
“We are delighted for this endorsement of the quality of our captive insurance team,” said Paul Scrivener, partner and head of insurance for Solomon Harris.
“We have managed to win the Offshore Law Firm award three times in the past four years, which I think is great testimony to our strong brand in the captive insurance sector. We were equally delighted to see the Cayman Islands recognised as the leading offshore captive domicile and the credit given for its innovative incorporated cell company legislation,” he continued.
When presenting the award to Solomon Harris, the award panel noted, “The growing specialist insurance firm continues to consolidate its expertise in the captive sector and in Paul Scrivener they have one of the most respected legal individuals in the industry.
“Scrivener was heavily involved in consultation, on behalf of the private sector, with Cayman regulators when drafting the new portfolio insurance company legislation.”