24 April 2015Analysis

Cayman sends 30 strong delegation to RIMS

A Cayman delegation of 30 people is set to head to New Orleans to the annual Risk and Insurance Management Society (RIMS) conference.

Kieran O’Mahony, the chair of the Insurance Managers Association of Cayman (IMAC), the private sector industry body that has responsibility for promoting Cayman’s captive insurance industry to its target markets around the world, will attend the conference.

“As one of the largest events of its kind, RIMS is a key event for us.  We are able to speak to hundreds of people about what captives are, how they work, what types of risk they are particularly useful for and of course about Cayman’s leadership in this area and why it makes clear business sense to use our commercially-minded products,” said O’Mahony.

Earlier in 2015, Cayman implemented the Portfolio Insurance Company (PIC) regulations. IMAC said the regulations have already received the nod of approval from the market “as illustrated by the interest in the structure with the first PIC launching within a month of the regulations coming into force”.