LOM (Holdings) Ltd. has become the latest company to pull out of the Cayman Islands after announcing the reorganisation of its operations in the Caribbean.

The company said that following an exhaustive review of its regional business, it had decided in the interests of its clients and shareholders to consolidate the entire region in one office in Nassau, the Bahamas, with the closure of its Cayman office at the end of March.

All of the staff and financial advisors in the Cayman office have been offered the opportunity to relocate to LOM's Bahamas or Bermuda offices.

On Tuesday, XL Capital Ltd. announced plans to redomicile its parent company from the Caymans to Ireland.

LOM has had an office in the Bahamas since 2001.

Nassau general manager Craig Lines said: "Uniting our entire Caribbean sales team in one place will allow us to more efficiently manage clients throughout the Caribbean, Central America and South America."

Existing customers of LOM Securities (Cayman) Ltd. will be have the choice of moving their accounts to either Bermuda or the Bahamas.

The company's captive insurance and trust programs will be serviced from its headquarters in Bermuda, with portfolio managers and advisors making regular visits to the Island to meet with the captive managers, lawyers and auditors that service its clients.

In addition, LOM Asset Management will continue to support the Insurance Managers Association of Cayman and will be exhibiting for the eighth year in a row at the 2010 Cayman Captive Forum.

Beginning April 1st, 2010, all communication will be redirected to Nassau and any remaining Cayman customers will be serviced from the Bahamas office until they can be transferred as per client requests.

A statement from LOM said: "While LOM regrets this move after 15 years of being in Grand Cayman, it is part of a wider review of our strategy regarding overseas offices, offshore costs and ultimately reflects the realignment of the offshore investment environment over the past few years."