11 April 2016Actuarial & underwriting

Cayman to be fully represented at RIMS

Dozens of representatives from Cayman’s captive insurance industry, including the Insurance Managers Association of Cayman (IMAC), government officials and representatives of the Cayman Islands Monetary Authority (CIMA), and Cayman Finance are representing the islands at the annual Risk and Insurance Management Society (RIMS) conference in San Diego, California this week.  The event began yesterday (April 10) and will continue until Wednesday (April 13).  The representatives will be speaking about how Cayman captive insurance companies can play a pivotal role in the risk taking and risk financing objectives of business. Joining more than 30 professionals from Cayman’s captive insurance industry will be the Wayne Panton, minister of financial services; Andre Ebanks, senior legislative policy advisor; Jude Scott, chief executive officer of Cayman Finance; and from CIMA, Cindy Scotland, managing director, Jennifer Smith and Ruwan Jayasekera. IMAC will be hosting a special interactive event for a select group of captive owners and advisors where the government officials, CIMA, Cayman Finance and IMAC executive members will provide an update on the status of Cayman’s captive insurance management industry as well as its nascent commercial insurance and reinsurance industry and listen to what the participants have to say in terms of their needs in the marketplace. Kieran O’Mahony, IMAC chairperson, said: “We are absolutely thrilled to have Minister Panton and Ms Scotland support our efforts in growing Cayman’s brand and foot print. We put our best foot forward each year at the RIMS conference because it provides us an ideal opportunity not only to talk to people about why Cayman could be an ideal domicile for their captive, their insurance, their reinsurance or their life and annuity carrier. “We are there also to listen carefully to what our clients and contacts are seeing on their side of the risk table. IMAC takes its role as the liaison between the industry and Government and CIMA seriously because it is through this communication that we are able to ensure that Cayman is competitive, relevant and remains at the top of the list of captive and alternative risk transfer vehicle domiciles.”