Cayman Captive Forum opens with rallying call

Lesley Thompson (Pictured), chair of IMAC and managing director of WTW Cayman Islands, welcomed delegates back to the first in-person Captive Forum since the COVID-19 coronavirus pandemic began.

She underlined the value of the conference and stressed the importance of ongoing collaboration between IMAC, CIMA and Cayman Islands government, which she said has led to the growth of captives and reinsurers in Cayman.

Thompson pointed to the depth of experience in the jurisdiction and also thanked  William Forsythe, who is stepping down from the position of general manager of IMAC in 2023.

André Ebanks, the Minister for Financial Services and Commerce in the Cayman Islands, then welcomed everyone back to the forum, saying that the event had had an economic impact on the islands themselves.

The minister pointed out that the number of re/insurance companies on Cayman continues to increase, in addition to captives.

He said that the  government was working hard to satisfy the FATF’s concerns that had led it to placing Cayman on its Grey List of domiciles that were suspected of furthering tax evasion. He stressed that Cayman was a member of some of the OECD’s working groups and that Cayman is not on the edge of the financial world, but an important part of it.