The Insurance Managers Association of Cayman (IMAC) has floated the idea of expanding its Cayman Captive Forum in coming years for an additional day to include presentations covering ILS and reinsurance, acknowledging the significant growth of these industries in Cayman in recent years.
William Forsythe, general manager at the IMAC, said: “We listen to the great feedback from responses to our post Forum surveys and encourage the submission of panel topics that have been requested. If we see a demand we would be receptive to offering an additional day to address ILS and reinsurance topics which could offer synergies.”
The Cayman Captive Forum, now in its 27th year, already offers three tracks, catering to the different interests of attendees. But there have been some changes over the years. Most recently it changed its logo, following IMAC’s rebranding exercise in September 2018, when it adopted the name and tagline: “Cayman International Insurance – The Better Alternative” for external communications and marketing.
Locally, and with reference to the association itself, the group remains IMAC, but the logo was changed to leverage the benefits of a consistent look and feel following the rebrand, Forsythe said.
The rebranding has eliminated confusion with Apple products, he added, helping people find IMAC faster on the internet. If you search for “IMAC” in Google, the first results will not be the nonprofit organisation representing Cayman’s captive and alternative risk management insurance industry, but the Apple computer.
Forsythe said the new brand reflected the evolution of Cayman’s insurance market. As well as being a global centre for captive insurance, particularly for healthcare captives, it “has also developed into a centre of excellence for reinsurance and ILS operations,” said Forsythe. “Our Cayman International insurance name fully encapsulates this.”
However, IMAC has no plans to formally change its legally registered name to CII, given how well known IMAC is by that name to members locally. Formally changing IMAC’s name would also have further implications, noted Forsythe. “Our Scholarship programme, which has raised over $ 4.5 million and assisted 54 students, is well known as the ‘IMAC Scholarship Fund’,” he said.
Cayman captive conference, IMAC, ILS, Reinsurance, Captive, Growth, William Forsythe