CHICAGO — McDermott Will & Emery tax partner, Thomas M. Jones, resident in the Firm's Chicago office, was recently recognized by the Government of the Cayman Islands in cooperation with the Cayman Insurance Managers Association for his "outstanding contribution made to the Cayman Islands' captive insurance industry." On December 5, 2001, the Honorable George McCarthy, OBE, Cayman Islands Financial Secretary, bestowed this honor on Mr. Jones, as well as on a Connecticut actuary and a Detroit lawyer.
"The Cayman Islands Government is well aware of and appreciates the fact that in an increasingly competitive global market, there are many viable options available to the astute investor," commented the Hon. Financial Secretary, George McCarthy, who presented the award. "Therefore, we value the confidence that you have placed in our jurisdiction, evidenced by the sustained, successful partnership that you have developed with our local insurance community over the years."
During the past 18 years, Mr. Jones has advised dozens of clients regarding their forming and operating private insurance affiliates ("captives") in Cayman, including health care providers, manufacturers, trade associations and numerous others. His practice has been focused on legal matters concerning the establishment and operation of self-insurance and risk transference mechanisms, with particular emphasis on related insurance regulatory, tax, securities law and similar issues. Mr. Jones regularly advises on formation and restructuring of trusts, risk retention and risk purchasing groups and offshore or onshore liability captives, fronted and unfronted.
The Cayman Islands is the jurisdiction of choice for 534 captives writing more than $3 billion in premiums and totaling $15 billion in assets, making it the second largest domicile for captives and the leading jurisdiction for health care related captives,