[Watch and Read] The driving force behind Cayman’s captive leadership
In celebration of IMAC’s 30th anniversary, Captive International hosted a panel to highlight the association’s key role in establishing the Cayman Islands as a global captive insurance hub.
The Cayman Islands has established itself as a global powerhouse in the captive insurance industry, with the Insurance Managers Association of Cayman (IMAC) playing a pivotal role. Through collaboration, regulatory engagement, and international promotion, IMAC ensures Cayman remains a leading domicile for captives, as highlighted during a recent panel discussion with key stakeholders that was hosted by Captive International.
Collaboration across competitors
A unique aspect of IMAC is its ability to unite competing insurance managers under a shared vision for Cayman’s success. This collaborative approach underpins the jurisdiction’s reputation for excellence.
“The association’s committees coordinate efforts across legislation, education, marketing, and regulation.”Gareth van den Bergh
Erin Brosnihan, president of Kensington Management Group, emphasised that IMAC has been “central in establishing Cayman as a leading jurisdiction for captive management and related insurance vehicles”. She noted that this cooperation ensures the industry remains aligned in addressing shared challenges and opportunities.
Lesley Thompson, managing director, captive & insurance management solutions at WTW, agreed, highlighting that the organisation’s inclusive environment demonstrates the jurisdiction’s strength. “IMAC brings everyone together to showcase what Cayman can offer as a whole, while also ensuring a unified approach to industry growth,” she said.
Describing IMAC as a key player, Gareth van den Bergh, director of client services at Artex Risk Solutions, called it the “quarterback of the industry”, explaining how the association’s committees coordinate efforts across legislation, education, marketing, and regulation to drive progress.
“IMAC is poised to keep Cayman at the forefront of the captive insurance sector.” Kevin Poole
Building the bridge
IMAC’s function as a conduit between the industry and regulators is equally important. The Cayman Islands Monetary Authority (CIMA) relies on IMAC to streamline communication with insurance managers and align the sector with compliance requirements.
“IMAC provides a valuable platform for communication and ensures that the Insurance Act is implemented effectively,” explained George Kamau, deputy head of CIMA’s Insurance Supervision Division. “This creates a regulatory environment that is robust but business-friendly.”
Promoting Cayman globally
IMAC plays a significant role in promoting Cayman on the international stage. The Cayman Captive Forum, now over three decades old, exemplifies this. Each year, the event attracts around 1,500 attendees, offering unparalleled opportunities for education and networking.
Kevin Poole, IMAC’s general manager, highlighted its global importance, describing the forum as “the leading captive conference in the world”. The event solidifies Cayman’s position as an industry leader while fostering innovation and collaboration.
“IMAC brings everyone together to showcase what Cayman can offer.” Lesley Thompson
Driving strategic initiatives
At the core of IMAC’s impact are its strategic committees, which focus on education, marketing, and legislative advancements. These committees ensure that Cayman remains proactive in addressing emerging risks and market trends.
Paul Macey, president of USA Risk Group, summarised IMAC’s influence, stating: “The collaboration between IMAC, regulators, and government has kept Cayman at the forefront of the captive industry, ensuring the jurisdiction remains competitive and innovative.”
Poole added that with its robust partnerships and forward-thinking initiatives, IMAC is poised to keep Cayman at the forefront of the captive insurance sector for decades to come.
“The Cayman Captive Forum is not just a conference—it’s a testament to the global significance of our jurisdiction, showcasing our leadership and commitment to the future of captive insurance,” he concluded
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