an utmost priority as this would
be key for the Cayman Islands
to remain a fair, safe and stable
insurance market for the benefit
and protection of policyholders,
beneficiaries and claimants. To
achieve this goal, CIMA tries to
continuously find ways to enhance
efficiency and effectiveness of the
insurance regulatory framework.
The Cayman Islands’ insurance
industry has seen significant
growth in recent times, both in
terms of new company formations
and expansion of existing (re)
insurance programs. This means,
CIMA receives thousands of
applications every year to review
and approve. CIMA understands
the business demands and time
sensitivity of its licensees and
has published timeframes for
processing applications and
requests received. Therefore,
another priority of the Insurance
Division would be to adhere to
these timeframes and be as
prompt as possible.
CI: How would you gauge
Cayman’s success in attracting
reinsurance business which was
one of the primary aims of the
revamp of the Insurance Law?
RJ: CIMA has seen an increase
in open-market reinsurance
companies as well as reinsurance
subsidiaries of insurance groups
establishing in the Cayman
Islands predominantly to provide
coverage of life and annuity
products but also for property and
casualty risks. Several global midtier
reinsurance companies have
also recently re-domiciled to the
Cayman Islands from established
reinsurance jurisdictions and
CIMA anticipates that this trend
will continue.
CI: What in particular
does Peter Fox bring to
the department in terms
of expertise following his
appointment this year?
RJ: Mr. Fox’s position further
enhances the existing reinsurance
expertise at CIMA. Mr. Fox’s
career spans nearly 46 years in
the insurance industry. Naming
some of his most recent positions
held prior to joining CIMA, Mr. Fox
served as Senior Manager with
KPMG in their UK office from 2008
– 2011.
During his time there, he provided
extensive audit and consulting
advice to Lloyd’s and London
market companies. This included
a blend of mergers/acquisitions,
Solvency II and asbestos/health
hazard/pollution claim advice
to clients. He was designated as
the principle point of contact for
UK originating captive consulting
activities. He also served as the
lead mentor for newly qualified
actuaries and was the national
lead in the actuarial graduate
recruitment programme.
Additionally, he was elected by
KPMG’s Financial Services group
to represent views to the UK
Board of KPMG. A year later in
2012, Mr. Fox joined American
International Group to work as
a Global Pricing Actuary where
he took on a special project to
harmonise worldwide pricing in
the enterprise segment of the
business. From 2013 – 2017, he
also worked with International
General Insurance where he
held the positions of Group
Chief Actuary and Group Chief
Officer. Other previous employers
include Aon Insurance Brokers,
Riverstone Management, the UK
Actuarial Profession and Legal &
General Assurance Society.
Mr. Fox holds a First Class Honors
Bachelor of Science degree
in Mathematics from Queen
Elizabeth College of London
University and is a Fellow of the
Institute of Actuaries. Since the
completion of his Fellowship
exams in 1977, where he passed
the Specialist Life Assurance
Practice, Mr. Fox has gained
extensive experience in pensions
and life assurance. Subsequently,
he has also concentrated on
the property and casualty
reinsurance market.
CI: What are CIMA’s priorities in
the reinsurance space?
RJ: Whilst CIMA has seen
increased activity in openmarket
reinsurance space in
the Cayman Islands, technically
speaking, most of Cayman’s
international insurers, including
captives provide reinsurance to
their shareholder policyholders.
Therefore, CIMA’s priorities in
the reinsurance space capture
both “reinsurance-captives” as
well as open-market reinsurers.
At the international level, CIMA
served as a member of the
taskforce put in place by the
International Association of
Insurance Supervisors (“IAIS”)
in 2016 to review and revise the
Insurance Core Principle 13 (“ICP
13”) on Reinsurance and Other
Forms of Risk Transfer. ICP 13 sets
out standards for supervisors
to follow in assessing the use of
reinsurance and other forms of
risk transfer by their licensees.
The international and crossborder
nature of reinsurance
transactions and the relative
sophistication of parties involved
in a reinsurance arrangement
require CIMA to liaise with a
number of overseas supervisory
authorities. International
cooperation and coordination
has always been a priority for
CIMA, and this will continue in the
reinsurance space.
To date, CIMA has entered into
over 50 bilateral agreements
and 6 multilateral agreements
with regulatory authorities,
CAPTIVE INSIGHT