Q&A with Nate Gemmiti, chairperson of CIRCA

The Cayman International Reinsurance Companies Association (CIRCA) was founded earlier this year to promote the interests of commercial reinsurers in the Cayman Islands and to work collaboratively with all stakeholders in the expanding segment of the Cayman Islands financial industry. Nate Gemmiti, the Chief Operating Officer and General Counsel of Knighthead Annuity & Life Insurance Company and Chairman of CIRCA, talks about the state of the reinsurance industry in the Cayman Islands.

Related briefings

Private Client Bulletin – April 2021

The fourth edition of Private Client Bulletin brings you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia.

Cayman Islands private client legislative update

It’s trite to say that 2020 was a year marked by change. Having being bombarded with a variety of unsolicited adjustments to our daily lives, we could be forgiven for having developed a collective fear of change over the last 12 months. Fortunately, the legislative changes affecting Cayman Islands’ trust and private wealth practitioners do not align with the general trend of 2020. On the contrary, the pace and direction of change has been much more palatable as legislators have continued with the incremental modernisation of the Cayman Islands’ trusts law and related legislation.

IR35 rules now extended to private sector businesses

The IR35 rules were extended to cover all medium and large organisations in the private sector. Under the reforms these businesses are now responsible for determining whether their contractors fall inside or outside the scope of IR35, rather than the workers themselves.

Bermuda offers economic investment and residential certificates under new policy

Under Bermuda’s new Economic Investment Certificate and Residential Certificate Policy, non-Bermudian individuals who invest at least $2.5 million in the island receive the right to live in Bermuda along with a path to long-term residency after a period of five years. Unlike previous policies, successful applicants also receive automatic approval to work. The new policy […]

Latest Briefings

‘Tax Day’ – government continues its campaign to tackle non-compliance

In the UK’s first ever ‘Tax Day’ on 23 March 2021, the government released more than 30 consultation documents relating to the future landscape of the UK tax regime. Whilst these documents scrutinised how taxes should be paid, opportunities for simplification and the potential of digitalisation, it was tackling non-compliance which was firmly in the spotlight once again. Tax & estate planning Partner, James Austen, gives his opinion on the proposed measures.

Fraud in the sub line market – should we be concerned?

In recent weeks, news of the JES Global Capital fraud committed by fund manager Elliot Smerling has come to light. Unfortunately, we live in world where fraud, much like death and taxes, is inevitable.

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G4S

Judge rebukes “disorderly” Invesco claim against G4S

A case brought against G4S by Morgan Lewis & Bockius on behalf of a group of claimants has been struck out, with the judge citing “serious” mistakes in the case. Mr Justice Mann said that the failure of the in-house legal team at Invesco, one of the claimant parties, to understand its own structure was […]

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