Formed in 1999, Kensington Management Group, Ltd (KMG) is a full-service insurance management firm based in the Cayman Islands. Captive Resources (CRI) and KMG are sister companies and enjoy a symbiotic relationship. Each company understands its clearly defined role and has a wealth of experience executing its responsibilities for the group captives and their members.
While CRI and KMG work closely together, they fulfill different roles for the group captives we work with: CRI is a captive consultant, providing guidance to assist with establishing captives, defining operational structures, selecting and managing service providers, determining captive governance, etc. KMG, on the other hand, is a full-service insurance manager that handles the day-to-day operations for the group captives from its offices in Cayman, where the captives are domiciled.
KMG’s Group Captive Management Services
KMG provides a complete range of management and advisory services, including (but not limited to):
- Captive feasibility studies
- License applications
- Captive formation
- Cash management
- Investment portfolio coordination
- Registered office
- Government/regulatory reporting
- Corporate secretarial functions
Role of the Insurance Manager in Cayman
Every captive insurance company must appoint a licensed local insurance manager (i.e., a manager incorporated in the same domicile as the captive). The insurance manager is a vital component to comply with the Cayman Islands’ self-regulation system and is responsible for all aspects of the captive’s management and administration.
As an insurance manager in Cayman, KMG is a contracted service provider licensed under the Cayman Islands Insurance Law. In Cayman, insurance managers have a legal responsibility to ensure that companies under its management comply with the Insurance Law and their approved Business Plan, as approved by the Cayman Islands Monetary Authority (CIMA). Visit KMG’s website to learn more.