[Watch and Read] Cayman’s captives innovate to stay ahead

As IMAC marks its 30th anniversary, industry leaders highlight tailored regulations, growth opportunities, and talent attraction as key to Cayman’s competitive edge.

Cayman’s captive insurance industry is a cornerstone of its economy, contributing millions of dollars annually. However, the jurisdiction faces increasing challenges, from intensifying global competition to talent shortages. To celebrate and recognise the Insurance Managers Association of Cayman’s (IMAC) 30th anniversary, Captive International hosted a panel of speakers to discuss the pivotal role of IMAC in shaping the Cayman Islands as a leading global hub for captive insurance.

Staying ahead in regulation

One of Cayman’s key strengths lies in its proactive regulatory framework, often setting standards for others to follow.

Paul Macey , president of USA Risk Group, explained: “Cayman has consistently been at the forefront of introducing innovative and improved regulations. This approach ensures we’re ahead and reinforces our reputation for robust governance.”

Rising competition from jurisdictions such as France and the UK means Cayman cannot rest on its laurels. Kevin Poole, IMAC general manager, emphasised the need for regulations that are proportional to the unique needs of captives. “Tailoring regulations to specific business types—such as affiliated reinsurance—will help Cayman maintain its competitive edge,” he said.

“We can address capacity challenges while driving the industry forward.” George Kamau

Economics and growth

The captive insurance sector’s contribution to Cayman’s economy is significant, but there is room to expand further. Poole noted that captives alone contribute $150 million annually, reflecting the industry’s importance.

George Kamau (pictured left), deputy head of the Cayman Islands Monetary Authority (CIMA) Insurance Supervision Division, highlighted innovation as a means to unlock additional growth. “By exploring new risk lines and increasing the use of existing vehicles, we can address capacity challenges while driving the industry forward,” he said.

The talent pipeline

Attracting and retaining skilled professionals remains one of Cayman’s biggest hurdles. Erin Brosnihan (pictured right), president, Kensington Management Group, pointed out that many people discover the industry by chance, suggesting the need for a more structured approach to attracting talent. “We need to market the industry better to young professionals and highlight the opportunities available,” she said.

Lesley Thompson , managing director, captive & insurance management solutions at WTW, highlighted the long-standing impact of IMAC’s Education Scholarship Fund, which has supported Caymanian students for over 30 years. “The fund has been instrumental, but we need to expand awareness and ensure that more students see insurance as a viable career path,” she said.

“Cayman has consistently been at the forefront of introducing innovative and improved regulations.” Paul Macey

Future-proofing Cayman

Panellists agreed that Cayman’s continued success depends on innovation, faster application processing, and stronger marketing.

Gareth van den Bergh, client services director at Artex Risk Solutions, stressed the importance of showcasing Cayman’s stability and expertise, calling these qualities “key differentiators in a competitive market”. He highlighted the collaborative efforts of IMAC, Cayman Finance, and the Cayman International Reinsurance Companies Association (CIRCA) in reinforcing the jurisdiction’s position.

“We need to market the industry better to young professionals.” Erin Brosnihan