17 December 2015Actuarial & underwriting

Cyber-attacks a big topic for 2015 Cayman Captive Forum

Cyber-attacks were one of the main topics on the agenda at the 2015 Cayman Captive Forum, which took place from December 1-3.  Michael Bazzell, ex-FBI agent within the cyber crimes task force, turned Hollywood screenwriter, was the forum’s most popular speaker, according to the Insurance Managers Association of Cayman (IMAC), the organizer of the event.  Bazzell was at the forum for his third consecutive year and, according to IMAC, shocked the audience with live demonstrations of the types of cyber-attacks that are hitting companies all across the globe. The association said he used the demonstrations to explain that even the captive industry is threatened by cyber risks such as employee-targeted email phishing and social engineering, and that suggested ways companies could protect themselves. The forum, which is in its 23rd year, hosted nearly 1,500 registrants, securing its place once again as the world’s largest captive insurance conference, according to IMAC.  Captive insurance industry leaders gather in the Cayman Islands for three days of informative sessions, exploring key issues impacting the captive industry. Other highlights of the conference, according to IMAC, included an update from Patrick Bodden, managing director – operations, of the Cayman Islands Monetary Authority (CIMA), who noted the strength of Cayman’s market share in the face of greater competition amongst captive domiciles.  Of the 742 international insurers regulated by CIMA as at September 2015, there were 679 Class Bs, 31 Class Cs (special purpose vehicles) and 1 Class D. At the end of the third quarter of 2015, the total premiums of international insurers were $12.5 billion (£8.39 billion). The total assets were $58.1 billion and the net income represented $1.8 billion, said IMAC.  Also presenting at the forum was keynote speaker Jason Dorsey, ‘millennials’ and generational expert, who gave a presentation on the social, economic and professional impact of millennials in society. He also provided real world tips and techniques to better manage millennials in the workforce.  Erin Brosnihan, chairperson of the Cayman Captive Forum, was pleased with the event’s success. “As in the past, we had our sights set high to deliver a quality, education-based conference that every delegate could feel that they took something valuable from” she said. "We were fortunate to have a roster of the industry’s most well-respected experts and top-notch keynote speakers, all wrapped up with excellent networking opportunities.  “The feedback has been outstanding and we are already looking at new ideas for next year.”