The Insurance Managers Association of Cayman (IMAC) has re-elected Kieran O'Mahony, and Linda Haddleton as IMAC chair and IMAC vice chair/legislative and regulatory committee chair respectively.
The Cayman Islands captive insurance industry stayed stable throughout 2015 with 22 new licences being recorded, according to the Insurance Managers Association of Cayman (IMAC).
Bermuda-based Randall & Quilter (R&Q), the insurance services and investment company, has completed the novation of liabilities from a Cayman-domiciled captive.
Cyber-attacks were one of the main topics on the agenda at the 2015 Cayman Captive Forum, which took place from December 1-3.
The dramatic increase in M&A activity in the healthcare sector has been widely debated and as systems come together, consideration must be given to surplus captives and what to do with them.
The acquisition frenzy in the healthcare captive sector means that decisions must now be made about whether new additions will be brought into the captive arena or covered commercially.
With the third quarter of this year registering the tenth consecutive quarterly decline in re/insurance rates, the soft market must now be considered the new normal, Chris Lay, president of Global Captive Solutions at Marsh, told delegates during the Insurance Market Update panel at the Cayman Captive Forum taking place this week.
Questions about the capitalisation of captives, including a debate over what constitutes the right level of capital, prompted some interesting debate at the Cayman Captive Forum being held this week.
The successes and challenges faced by captives covering liabilities associated with obstetrics was covered in detail at a session at the Cayman Captive Forum 2015, which is taking place this week.
Having the right reinsurance partner is one thing, but many captives lack understanding about crucial issues related to the reinsurance agreement, Brian First of Arch Insurance and Eric Lark from law firm Kerr, Russell and Weber, said at a discussion at the Cayman Captive Forum 2015 taking place this week.