IMAC chair formally opens Cayman Captive Forum
The Cayman Captive Forum 2024, taking place in Cayman this week, has formally opened, with a celebration of the Cayman Islands’ position as a global leader in captive insurance.
In his opening remarks, Kieran Mehigan, managing director of Marsh and chairman of the Insurance Managers Association of Cayman (IMAC), highlighted the forum’s continued growth and international appeal. “The conference is fully sold out,” Mehigan stated, “a testament to the increasing global interest in Cayman’s captive insurance industry.”
Welcoming delegates to the Cayman Islands, Mehigan expressed gratitude to the many first-time and returning visitors. He acknowledged the presence of distinguished guests and dignitaries, emphasising their role in advancing the Cayman Islands' international insurance sector. “Your presence here underscores the importance of our conference and the collective commitment we share,” he noted.
Mehigan also lauded the contributions of the Cayman Islands government and IMAC’s dedicated team for their tireless efforts in organising the forum.
Keynote speaker Anthony Robles, an NCAA Wrestling Champion and National Wrestling Hall of Fame inductee, epitomised the conference’s theme of overcoming challenges. His story of achieving greatness despite being born with one leg inspired attendees to embrace resilience and innovation.
Mehigan reflected on the Cayman Islands’ 30-year journey in insurance, highlighting its evolution as a premier domicile for captive insurance. With innovative structures like the B(i), B(ii), and B(iii) licences, the industry has demonstrated adaptability and excellence. “In 2024, we’ve issued 33 new licences so far, with more pending approval,” he shared, noting that 2023 saw a decade-high of 41 licences issued.
A recent economic impact study, conducted in collaboration with Cayman Finance and the Cayman Islands Reinsurance Association (CIRCA), underscored the industry’s significance. The insurance sector contributes approximately $280 million annually to the local economy, including $100 million in payments to local businesses and government. Additionally, over 40,000 business travel days generate $20 million annually, directly supporting tourism.
Mehigan said that as the event progresses, attendees can look forward to sessions on AI in risk control, insuring controversial risks, and other critical topics shaping the industry. “Together, let us continue to shape the future of the Cayman Islands’ international insurance industry,” he concluded, setting the stage for a week of inspiration and collaboration.
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