STABILITY &
STRENGTH
CAPTIVE INSIGHT
When examining the state of the global captive
market, the comparison is often drawn between
the offshore jurisdictions, that have been
in this business for decades, and the newer US
domiciles that have more recently emerged.
For Brosnihan, Cayman has always been a
trailblazer and the fact that the jurisdiction
operates to a higher regulatory standard, is
not necessarily a negative factor. “While some
of the regulations we are subject to may feel
burdensome at times, this regulation ensures we
attract high quality business to the jurisdiction
and we can explain to our clients exactly what
we are doing to protect them,“ she said.
As for the business outlook in Cayman, the
mood is upbeat and positive with strong captive
formation numbers and CIMA’s commitment to
a faster turnaround for ILS license applications
starting to pay off. People are also talking about
the attractiveness of Cayman’s PIC legislation,
Brosnihan said, while the recent redomicile
by Barents Re from Panama to Cayman
demonstrates the jurisdiction can continue to
attract this type of business, with CIMA open to
meeting the needs of potential Class D licensees.
As the era of Cayman International Insurance
moves into full swing, the association will
continue to be driven by the voluntary efforts
of its membership, which Brosnihan applauds.
She plans to continue to the good work of the
Marketing Committee with its strategic plan,
moving more into the digital realm to attract
a more global audience. Her attention will
soon focus on preparing for IMAC’s Insurance
Symposium, which takes place during the
Cayman Captive Forum. The Symposium
embodies the collaborative nature and open
dialogue of the Cayman international insurance
industry, as key onshore participants are invited
to share the table with representatives of
CIMA and the government. “It allows insurance
professionals who have supported the domicile
for the past 25 years a chance to give feedback
to the decision makers here in Cayman,” she
said. Such feedback can be invaluable from
a competitive standpoint and IMAC’s work in
providing an open door can only be beneficial to
the industry.
from the accounting, banking and legal field,
alongside other service providers. “All our
associate members contribute and support us in
one way or another and do so in many different
ways,” she says.
NEW LOOK FOR IMAC
One particularly notable event for the association
both in terms of Erin’s current leadership and
indeed as part of its 37-year history is the new
look and name for the association. IMAC will
remain intact as the association which liaises
internally, with government and regulators to
ensure compliance and that the interests of the
industry are represented in the drafting of new
legislation and guidance. Promotion of Cayman’s
insurance industry globally will be under the new
banner of Cayman International Insurance, with
the tagline The Better Alternative.
“We’ve always excelled at informing the
local industry about our strengths and
successes but now it’s time to take that
message to a global audience. We are ready to
show the world that we have come together as
a well rounded industry,
IMAC as an institution will still maintain its role,
providing added value to members, liaising with
CIMA and fighting back against negative press
commentary. There is also an important role
for education and training and we offer a great
number of seminars such that our members
can provide continuing education for their
employees.
LEADING EDGE
For this year’s Cayman Captive Forum, by far
the largest industry gathering in the Cayman
Islands, the focus remains on delivering the most
relevant agenda and high calibre speakers. “At
the end of the conference we solicit feedback
from our members about the topics and
speakers they want to hear about next year, in
order to keep the agenda fresh and current“,
she said. The most requested topics right now
include medical stop loss, employee benefits,
as well as the growing cyber threat. “People
are also interested in the general state of the
insurance market as well as trends on a global
scale.“