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Cayman Islands named No. 1 specialised financial centre


Banking and finance magazine The Banker has released its 2010 ratings for international finance centres. For the second year running the Cayman Islands has been named the number one specialised financial centre.

This year it has won by an increased margin over its closets rivals Bermuda, Jersey, Guernsey, Malta, Gibraltar, Monaco and Cyprus. The ranking is worked out not just on the size of the industry in each location but rather on the amount of international business and the value offered to institutions.

The Cayman Islands maintain a huge $1.795 trillion in deposits and is currently the worlds largest domicile for hedge funds, healthcare insurance captives and of course catastrophe bonds and insurance linked securities.

To see how far ahead the Caymans are in catastrophe bond SPV domiciling have a look at our previous post showing the catastrophe bonds listed in Bermuda and the Cayman Islands.

Standard & Poor’s have published an article looking at the more traditional domiciling of reinsurance companies which Bermuda has often been at the top of. S&P say that European locations such as Ireland and Switzerland are catching up and with the forthcoming changes to the regulatory landscape Europe could become the location of choice.

It will be interesting to see whether that changing regulatory landscape could help to attract cat bond SPV’s to Europe in the future and dent the Caymans grip on the market.

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