September 30, 2014

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Caribbean Sailing Association annual conference to take place in Antigua

conferencepressreleaseBy Alison Sly-Adams

During the last weekend of October, Antigua will play host to some of the most influential people in yacht racing from around the region when the Caribbean Sailing Association’s (‘CSA’) Annual Conference takes place. Planned over three days from the 24th – 26th October, regatta organisers, race officials, rating rule measurers and other industry stakeholders will converge on host venue, Antigua Yacht Club, for three days of seminars, discussions and networking opportunities.

In the past few years the conference was held in St. Maarten and Puerto Rico. However, it was decided that Antigua would be the logical location to host the 2014 Conference given not only its central location making it easier for delegates to travel from across the region, but with the new CSA secretariat office being located at Antigua Yacht Club Marina along with the secretariats for Antigua Sailing Week and the Antigua and Barbuda Marine Association, it makes the planning logistically easier.

The team responsible for organising the Conference alongside key CSA board members and also CSA board members themselves is Alison Sly-Adams and Kathy Lammers of Mainstay Caribbean Ltd., the management company responsible for managing the secretariat for all three non-profit organisations.

Kathy Lammers said: ‘We are delighted to be hosting the Conference in Antigua this year because not only does it give us a chance to showcase Antigua’s yachting industry and the island to business people from around the region, it also makes it more feasible for local yachting industry stakeholders to attend the conference.’ Alison Sly-Adams went on to emphasize the importance of that: ‘We have attended this conference for the last three years and found it to be a very key part of the planning cycle for yachting marketing in the region. Each of us as yachting stakeholders is able to share our experiences with our regional peers and it has helped us to create a support group across the Caribbean. Although many of us are effectively in competition with each other in terms of attracting boats to our events, it is essential that we first work together to attract boats into the Caribbean region.’

During the 2014 Conference there will be a focus on youth and sailing development programmes and Antigua’s National Sailing Academy (‘NSA’) will play host to delegates during the Friday afternoon session of the Conference, showcasing what NSA has achieved and how it is playing its part in developing young Antiguan sailors and associated career opportunities. The participation of Tim Cross, the International Sailing Federation (‘ISAF’) representative for the region who specializes in youth and sailing development, will help organisations look at how they can create and develop their programmes as well as looking at potential new sources of funding to assist in continued growth.

Sailors for the Sea, an environmental organisation committed to regattas being ‘clean’ and adopting environmentally positive practices, is a Conference sponsor and will be on the ground to work with Conference delegates to determine ways in which they can make their regattas environmentally sustainable. They will also assist in identifying funding opportunities to help regattas achieve their goals.

The CSA Annual General Meeting and a meeting of CSA rating rule measurers will also form part of the Conference and there will be informal dinners and opportunities for delegates to network with their island counterparts.

For more information about the conference, contact the CSA secretariat at or call (268) 734-6366. More information about the CSA can be found at

The CSA Annual Conference takes place from 24th – 26th October, 2014.

The Conference will be held at the Events Centre, Antigua Yacht Club.

All the world’s an island: Correspondent Carol-Ann covers the Globe with only a back pack Part Five

Carol-Ann-Rudy11By Carol-Ann Rudy

Rome and Venice: Piacere di conoscerti – Happy to meet you!

Linear travel, linear thinking. A huge change from my daily approach to life from “content and objectives taking center stage in our minds,” to quote Dennnis J. Tariakow, in an article in the Ortho Tribune newspaper. Jumping on and off trains, subways, and buses. No multi-tasking. I was happy to leave the “big picture” of the world behind and focus on the joy of each moment. Nice, nice change!

On a sunny warm day in Rome, after finding a convenient BNL bank directly across from my B&B to withdraw funds in Euros (I had locked in my exchange rate with my bank before leaving the Approaching St Peters on tourbusU.S.), I headed to the nearby subway station without my backpack and only a bag over my shoulder. I’d had the mistaken notion that I could get by with ONLY a backpack on my trip, but the physical feat of reaching around to retrieve money, passport, and so on from my backpack plus the burden of carrying it everywhere had changed my mind. In Madrid, between trains, I’d bought a well-designed Samsonite purse and found it a god-send for the remainder of the trip. Incidentally, I’d also bought a padded hip belt ahead of time and used it throughout my trip. Glad I did—it helped distribute the weight and relieved my sensitive neck and upper back.

The Corte de CassazioneI arrived in Rome’s main station mid-morning and exited to a large square. Saw tons of tour buses nearby and within ten minutes was ensconced in the upper deck, about to take off to see the cultural treasures Rome has to offer—at least viewing them, although not touring within them. Cost? Just 18 Euros, a bargain. I had only one day on my itinerary to see this most ancient of cities and figured a bus tour was the best choice. Was not disappointed; on the two-hour tour with an excellent running commentary by a guide, I saw so many major archaeological attractions including the The Tiber RiverColiseum, the site of the Circus Maximus, and St. Peter’s. After returning to the boarding site, I stayed on board and did it all again; my ticket was good for about eight hours and I could jump on and off any one of the buses of that line. The second time around, I got off at St. Peter’s. This was one major site I had not made prior arrangements to see, and seeing a line of perhaps a thousand people, determined I wasn’t going to see. I heard comments from a couple of other English-speaking tourists that they had been rushed through St. Caste Sant Angelo Castle of the Holy AngelPeter’s by staff – not their best experience. But in spite of missing the Sistine Chapel and the great interior works of art and worship, I enjoyed the exterior. I walked through the surrounding area and loved the ambience of the city.

Returning to my B&B, I slept comfortably and left the next morning for Venice. Once again, delightful company; spoke at length with a beautiful native of Tonga, her Italian husband and C on bridge in Venice iEyeNewstheir child. One of my intentions on my jaunt through Europe was to sketch; I really would like to have drawn this woman with such striking features, but found on every portion of my trip that using pencils, pens, and watercolor (a Winsor-Newton compact kit I could wear around my waist when I wished) was not satisfactory when being shaken continuously.

I stored my backpack in a locker for 6 Euros at the Venice Trenitalia train station. Gondolas of Venice seen from a BridgeNeat station! It is located right on the main canal. Once again, the weather was superb. I bought an 18 Euro ticket for a 12-hour boat trip—not a gondola. Traveling by myself, I could forego that more romantic trip by gondola through the canals of Venice. The boat circumnavigated the islands of Venice and bisected the main one. At one point by St. Mark’s square, I got off and spent hours walking through narrow alleyways, crossing many bridges, occasionally dropping into shops, and like Happy Tourists in VeniceRome, taking lots of photos. I had an excellent lunch with an attentive young waiter who started affectionately calling me “Mama”.

About 5:00 p.m., I left Venice behind and boarded the train for San Stevino di Livenza about 30 miles away and the first meeting with my warm and wonderful hosts, Gianluca and his lovely wife Valentina. He is a Captain in Gianluca and Valentinas super Italian kitchenthe Italian Army and a Ph.D. candidate. Oh, and must include their two affectionate Bernaise sheepdogs, Ettore and Chanel! Valentina had prepared an excellent Italian meal featuring succulent baby clams and pasta. The wine of that area is the well-known Prosecco. I had three glasses; two of the sparkling variety and one of the so-called flat. I greatly admired modern Italian design, which was evident throughout their home, particularly in the kitchen. After several delightful hours exchanging views on Italian politics and culture vs American, I The Bridge of Sighsretired and slept very well.

The next morning, I fixed a typical American breakfast of scrambled eggs and toast that Gianluca had never experienced. Valentina left earlier by bicycle for her job nearby. Once again, I saw many High Waters around VeniceEuropeans traveling by bicycle and many by motorbike. I’m sure this must contribute to their generally fit appearance.

Gianluca walked me to the station about 100 yards away and I returned to Venice. While in the station there, I checked on the train I was scheduled to take at 1:30 in the A View from a Bridgemorning of the next day—only to learn that there would be a 24-hour Trenitalia strike that night at 9:00 p.m. If I was going to make it to Vienna and not be stuck on the tracks—really!—then the latest I could leave was 4:00 p.m.

I was very frustrated; if I changed plans and stayed an extra day in San Stevino di Livenza, it would disrupt the plans I’d made for Vienna and have a domino effect for the rest of the trip. I decided to leave at 4:00 with great In St Marks Squarereluctance, missing plans Gianluca had made to join members of his family and friends at a seaside restaurant for the evening. Meanwhile, I’d left my backpack at their home and would have to travel back to my hosts and pick it up about 2:30 in order to get back to Venice, board the train at 4:00, and head for Vienna. I followed through with that abrupt change of plans, leaving my gracious hosts and family behind.

I enjoyed my truncated two days in Venice; I found I preferred it over Rome (which had the dirtiest, most graffiti-written subways I’ve ever seen). Venice is a living museum, with its population living in it, not simply around it as I would characterize Rome.



IMAGES: (Carol-Ann Rudy)

Approaching St Peters on tour bus

The Corte de Cassazione

The Tiber River

Castel Sant Angelo the Castle of the Holy Angel

Caro-Ann on bridge in Venice

Gondolas of Venice seen from a Bridge

Happy Tourists in Venice

Gianluca and Valentinas super Italian kitchen

The Bridge of Sighs

High Waters around Venice.

A View from a Bridge

In St Marks Square

NEXT: On to Vienna, Zurich, and Antwerp

To read the first part of Carol-Ann’s story of how she covers the globe with only a backpack published in iNews Cayman on August 11 2014 go to:

To read the second part of Carol-Ann’s story of how she covers the globe with only a backpack published in iNews Cayman on August 18 2014 go to:

To read the third part of Carol-Ann’s story of how she covers the globe with only a backpack published in iNews Cayman on August 26 2014 go to:

To read the fourth part of Carol-Ann’s story of how she covers the globe with only a backpack published in iNews Cayman on September 8 2014 go to:


Strike a balance with annuities

17By Joe Stark From Newsmax

You have probably heard a lot about annuities, both the good and the bad.

So I’d like to take this moment to peel the onion on annuities, so to speak. Let’s look at the myths and the facts, how they really work, and their risks and rewards.

First, all annuities are not the same. An annuity is simply an insurance contract in which you pay funds to an institution (typically an insurance company) upfront, and in return, it doles out a stream of payments over time.

Usually, an annuity is designed to provide a steady and reliable cash flow that you can count on.

While in some quarters annuities have gotten a bad rap, they have provided many Americans with a financial alternative to the high risk of the stock market and the minuscule returns of bank CDs and bonds.

For example, in a hypothetical situation where you invested in the stock market in March 2000, and reaped average returns, 13 years later, your investment likely returned something near a paltry 2.1 percent over that period, and that entire gain would have come from dividends.

With prices unchanged over that time, you would have made almost nothing after 13 years!

Now, suppose you had invested in government and corporate bonds. They pay out anywhere from a half percent to 3 percent — if you lock up your principal.

But your returns could be depleted by taxes and inflation. Based on the highest individual tax brackets during that time, Uncle Sam could have taken as much as 44 percent of the income return in taxes.

So your total return on a “high yielding” 3 percent bond could have been hypothetically as little as 1.68 percent.

Next, inflation further erodes your returns. With inflation at a moderate 3 percent, your 1.68 percent positive return could hypothetically become a negative 1.32 percent return!

Likewise, with inflation considered, dividends from that 13-year stock market investment would have had an after-tax, after-inflation return of negative 1.82 percent.

As you read this article, interest rates are low and the stock market is hitting record highs. But tomorrow, rates could go up (quickly depreciating the value of your bonds) and the stock market could go down — yet despite such uncertainty, annuities could provide reliable financial performance.

Those wary of the markets have increasingly invested part of their nest eggs into annuities. Since 2004, more than $2.1 trillion has flowed into annuities of all types (traditional fixed, indexed, immediate, and variable). In 2012, indexed annuity sales set a record of $33.9 billion, according to LIMRA.

So why the negative publicity about annuities?

First, it’s important to consider the source of any negative publicity. Those in the stock market industry, made up of financial institutions, brokers, and investment advisers, want you to keep your money in the stock market because they earn money from your stock market investments.

While they may use ads focusing on the commissions for annuities, they don’t tell you the very significant fees money managers and mutual funds appropriate from you every single year you’re invested with them.

Next, it’s important to look at the details of the annuity products considered. For example, some critics cite the “sucker factor,” claiming that if you put money into an annuity and then die shortly thereafter, you will lose your payouts.

However, it is important to remember that annuity owners have control of product features and riders and can structure the payouts in a way that allows them to pass on the unpaid benefit to their heirs.

And those who don’t make these provisions are compensated by receiving larger payments. In some ways, it’s this sucker factor that makes annuities attractive. Because insurers know some people die early, they can afford to pay you more per month than you could prudently draw out of personal investments.

Again, it’s important to remember that there are several types of annuity products. Certain types of annuities are risky, promising higher possible returns that may not be realized. And still others are weighed down with complex contracts, and hefty fees.

So with so much uneasiness surrounding annuities, should you consider one for your retirement portfolio?

The short answer is yes. By doing your due diligence and asking good questions, you can find annuities tailor-made for your situation that can deliver the income you need, when you need it most.

Annuities have a proven track record and have been around for a long time. They come in a variety of flavors and offer a lot of versatility, so it is possible to find a sound option that’s suitable for you.

My firm, Crown Atlantic, focuses on simple, easy-to-understand annuity offerings, but if a consumer is unable to understand an annuity, he or she should not purchase it.

I have been offering annuities for more than 20 years, and have worked with several of the top Fortune 500 insurance companies, completing more than $500 million worth of annuity transactions.

At Crown Atlantic, we focus on annuities that are valuable for those who want to ensure a steady income stream during retirement. We try to avoid downside market risks and focus on securing a retirement income stream that can’t be outlived.

You can find out more about safe, guaranteed income that can increase you retirement payouts by 30 percent in Crown Atlantic’s new report “The Annuity Primer: Get Guaranteed Income for Life.” Go online to or call today 855-221-5546.

Joe Stark is the CEO of Crown Atlantic Insurance, LLC in Boca Raton, Fla. Stark is an insurance industry veteran with more than 25 years of experience. For more of his reports, Go Here Now.

For more on this story go to:


25th Anniversary: Hurricane Hugo left path of destruction in US, Caribbean

650x366_09190546_hugofinalBy Mark Leberfinger, Staff Writer

Hurricane Hugo made landfall 25 years ago, leaving a path of death and destruction from the Caribbean to the southern and eastern United States.

Hugo was responsible for 49 deaths in the U.S. and the Caribbean.

At the time, it was ranked as the costliest hurricane to hit the U.S. mainland, with damages totaling $7 billion (1989 USD/$13.43 billion 2014 USD), until Andrew in 1992.

Hugo made landfall over Sullivan’s Island, South Carolina, about midnight EDT on September 22, 1989. Hugo was a Category 4 hurricane at landfall with winds of about 140 mph.

The hurricane also had an impact on two future meteorologists who lived in the South at the time.

‘I’m scared now’

650x366_09190552_fa2ad289f“Hurricane Hugo solidified my career path in meteorology,” Meteorologist Jesse Ferrell said, “Like many meteorologists, I had been interested in weather since I could talk. My house being struck by lightning in 1987, and Hurricane Hugo in 1989, were two major events that deeply stirred my weather curiosity.”

Ferrell, who was 15 years old at the time, lived in Boomer, North Carolina, in the North Carolina Foothills.

“At the time, it was the most dangerous weather-related situation I had ever been in,” he said, “I thought it was super fun until we were cowering in the basement, the ground shaking as trees fell, wondering if we might emerge back upstairs to see our house destroyed.”

Trees fell on Meteorologist Jesse Ferrell’s teenage home in Boomer, North Carolina, after Hurricane Hugo devastated the northern foothills of North Carolina on September 22, 1989. (Photo/Courtesy of Jesse Ferrell)

640x505_09190557_ffcc5149c“For the first time in my life, I thought ‘OK, this is enough severe weather. I’m scared now.’ I think whenever I find myself in a severe weather situation now that could be that dangerous, I do kind of ‘flash back’ to that moment.”

Ferrell said that at a time when people weren’t as accustomed to air conditioning and electronic communication, it wasn’t that bad being without power for ten days, or at least he remembers.

“Anything outside of the normal routine is always fun when you’re a kid; it probably wasn’t that much fun for my parents, who were running the generator and cutting the trees that fell. I lost power overnight a few years ago; it was torture,” he said.

‘We won’t have to worry about hurricanes anymore’ Senior Meteorologist Dan Pydynowski was seven years old and starting classes at a new school when Hugo hit Charlotte, North Carolina.

“All the food in the fridge went bad and we had no generator, so dinner was cooking cans of soup on a charcoal grill,” Pydynowski said, “I remember waiting for hours in a car at gas stations for gas and ice, driving around the city trying to find some of either.” Meteorologist Jesse Ferrell’s family home on Long Beach/Oak Island, North Carolina, was damaged from storm surge from Hurricane Hugo, which hit 150 miles to the south. Photo was taken by Frank Ferrell. (Photo/Courtesy of Jesse Ferrell)

Pydynowski also recalled that bees and yellow jackets were everywhere after the storm because of fallen trees downing their hives.

The wind and the noise from the hurricane was incredible, with breaking and falling trees that sounded like bombs going off, he said.

“Except with Hugo, you not only had those noises but also the howling of the wind,” he said. “We mainly stayed inside although the center/eye passed close enough by that there was a lull in the wind. My Dad and I went outside for a bit because, of course, I wanted to go out in the ‘eye of the storm’ since I was already a ‘weather geek.'”

Pydynowski was excited about the prospect of seeing snow as his family moved from Florida to North Carolina. Hurricanes weren’t a thought.

“Before we moved, I remember my Dad saying, ‘Well, at least we won’t have to worry about hurricanes anymore.’ He could not have been more wrong. We were hit harder by Hugo than we ever had living in Tampa/St. Petersburg since I had been born in 1982; so I always thought that was all very ironic.”

A second irony occurred after the storm went through Charlotte. The new hometown NBA franchise, the Charlotte Hornets, decided to keep the name for its mascot: Hugo the Hornet.

For more on this story go to:


Hurricane Ivan remembered by Cayman Islands at 10th anniversary

CI PanelCI PanelCI Panel 1Panel speakers at the recent Hurricane Ivan symposium sought a dedicated home for the Cayman Islands Weather Service as a priority so that future emergency operations are not jeopardised as they were during the 2004 storm.

Moderator Loxley Banks got the proceedings going with an overview of hurricane preparedness protocol that was listed out on a mere two sheets of paper in the early days when Jamaica provided weather information for the Cayman Islands.

Even during Hurricane Gilbert, there were only a few satellite systems up and running but no live television. Now the manual is a comprehensive document and the Cayman Islands generates its own real-time data continuously, including Doppler radar readings and lightning strike information, symposium participants heard.

Retired Deputy Governor Donovan Ebanks credited former Fire Chief Kirkland Nixon for his persistence and drive in moving the Cayman Islands along in improving disaster preparedness. He also highlighted Public Works pre-Ivan shuttering and checking shelters to ensure pumps were ready to take over water supply when piped water shut down which made for smoother shelter operations during and after Ivan.

Meanwhile, Water Authority Director Gelia Frederick-van Genderen explained that since Grand Cayman’s water supply line hugs the coast, it needs to be shut down when massive storms move in from the sea. Water suppliers had also learnt many lessons from the Ivan experience, she noted.

Former Director General of CI National Weather Service Fred Sambula commented that once Jamaica was hit by Ivan, the supply of meteorological information to the Cayman Islands dried out. This forced the country to seek information from the World Meteorological Organisation instead. The only link then was to use the one satellite telephone available then and this experience had spurred improvements to weather prediction equipment. At the same time the recent introduction of the Doppler radar has meant that the Cayman Islands is now a source of information for its neighbours.

Ivan was a wake-up call, Mr. Sambula cautioned, but it is still possible for the Cayman Islands to experience worse. So it is vital to keep preparations current and keep improving them, he emphasised.

Former Director of Children and Family Services Deanna Look Loy explained how during Ivan, shelters had become the lifeline for hundreds of people, and also significantly contributed to the Cayman Islands’ low death toll. Yet Mrs. Look Loy noted that a last minute influx of people, after shelters closed, had caused a severe problem for shelter management. Also, the last shelter closed in December 2004, revealing how invaluable the service was during and after the hurricane.

She explained that shelter seekers work while there to keep the premises clean and to cook food. The key to the smooth running of the shelters was also trained shelter staff, often working better with minimal interference, she added.

Former Cabinet Secretary Orrett Connor referred to the progress achieved in improved forecasting and analysis capabilities including the Doppler radar station, which also involved overseas funding and technical assistance. He was disappointed at the lack of progress towards a dedicated disaster fund, and called for building the fund now that Government’s finances were improving. It is better to be self-reliant especially when it is difficult for the Cayman Islands to get overseas funding, he remarked.

In the aftermath, it was clear that regardless of competing financial and humanitarian interests, one cannot be ignored for the other, added Mr. Connor, who also served as Recovery Manager, dealing with the government contracted company MC Restoration. The vulnerable need to be protected as much as the Cayman Islands economic base, he added. It was also a sound decision to get the country- level disaster insurance, CCRIF.

He further urged the creation of an environment in which government agencies were not pitted against each other in competition but worked together on the same playing field.

Members of the panel agreed that Ivan had also brought into sharp focus the evacuation of a large number of people. The national carrier is an invaluable asset in this regard, he said. The decision when to start evacuating people is an important one, he underscored.

Going forward: Suggestions from the panel included:

  • A purpose built facility for the National Emergency Operations Centre (NEOC) to enhance disaster preparedness.
  • While Cayman does have a good building code, make hurricane shutters and/or hurricane resistant glass doors and windows a requirement, which is currently absent.
  • Increase shelter capacity
  • Going forward, ensure residences are elevated so that at least 80% of residents can stay in their own homes. Incentivise people to retrofit existing buildings.
  • To ensure communications are up and running early during the aftermath and that fuel companies have in place more responsive action plans.
  • To ensure that families are better prepared.
  • To encourage people to be as self-reliant and in as many areas as possible.
  • To encourage more Caymanians to be Shelter Wardens, after going through all the necessary training.
  • With better weather warnings now possible including from 400 miles away, encourage people to tune in to local weather bulletins before, during and after storms.
  • With shortened periods for warnings and watches now, get people to prepare early when a storm is approaching.

Photo caption: Photo by Bina Mani

Panel discussion: Suggestions for action going forward formed an important part of the panel discussion that remembered Hurricane Ivan and lessons learned from the storm during recent 10 year anniversary remembrance. L-r: Panellists Mr. Donovan Ebanks, Ms Gelia Frederick-van Genderen, Mr. Orrett Connor, Ms Deanna Lookloy and Mr. Fred Sambula, with moderator Mr. Loxley Banks.


Cayman Islands National Trust announce AGM

CINTNational Trust for the Cayman Islands


NOTICE IS HEREBY GIVEN THAT the Annual General Meeting (“the Meeting”) of the members of The National Trust for the Cayman Islands (“the Trust”) will be held on Thursday, September 25, 2014 at 6:00 PM at the Bar Crudo (below Guy Harvey’s Restaurant) at 55 South Church Street. for the following purposes:

  1. To receive the annual report for fiscal year ended June 30, 2014 and financial report for 2014.
  2. To elect members to the Council of the Trust**
  3. To transact such other business as may properly come before the Meeting or any adjournment thereof.

Dated at George Town, Grand Cayman the 11th day of September 2014.

** In accordance with the section 5(7) of the National Trust Bye-Laws additional proposals of names for election may be made in writing signed by the proposer and a seconder (each being a member in good standing of the Trust) and by the person so proposed for election, to be delivered to the office of the Trust via email: no later than two days before the date of the Annual General Meeting.

A List of Nominees as put forward by the Nominating Committee at today’s date is as follows:

Andy Gibb                                                      Chairman

Darvin Ebanks                                              General Council Member

Patricia Bradley                                            General Council Member

Tommie Bodden                                           General Council Member

John Bothwell                                               General Council Member

Dr. Elaine Campbell                                    General Council Member

John Doak                                                     General Council Member

Charmaine Moss                                          General Council Member

Cathy Frazier                                                General Council Member

Deborah Drummond                                  General Council Member

Chris Randall                                               General Council Member

An up-to-date list of nominees and draft amendments to Bye-Laws will also be available for viewing at the Trust’s office and on the Trust website:

For more information or to RSVP to the AGM please call 345-749-1121 or email:

Please note – you must be a current (2014) member of the National Trust for the Cayman Islands and be 18 years of age or older to vote at the AGM


Greenlight Capital Re announces additions of Tim Adair and Cliff Dunigan to underwriting team

greenlight-GRAND CAYMAN, Cayman Islands, Sept. 15, 2014 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (Nasdaq:GLRE), a specialist property and casualty reinsurer based in the Cayman Islands and Ireland, today announced the additions of Tim Adair and Cliff Dunigan to its underwriting team, effective immediately. Both Mr. Adair and Mr. Dunigan will report directly to Chief Underwriting Officer Brendan Barry.

“As we continue to evaluate opportunities, we are pleased to be able to bolster our underwriting team further with the additions of Tim and Cliff,” said Bart Hedges, Greenlight Re’s Chief Executive Officer. “We believe their underwriting portfolio management and industry experience will enhance Greenlight Re’s client-centric underwriting strategy.”

“Tim and Cliff each add 25 years of industry experience to Greenlight Re, which we expect will provide us with significant additional depth,” said Mr. Barry. “Both Tim and Cliff have a history of supporting profitable reinsurance portfolios, as well as developing optimal solutions for their clients, and we are pleased to welcome them to the Greenlight Re team.”

Mr. Adair joins Greenlight Re from Guy Carpenter & Company, where he was a Managing Director since 2005. At Guy Carpenter, he managed a portfolio of reinsurance treaties for several of the company’s largest clients, analyzed actuarial model output to recommend optimal reinsurance structures and was responsible for renewing existing treaties and maintaining a healthy new business production pipeline. Prior to Guy Carpenter, Mr. Adair spent 15 years at Aon Re in a variety of roles, most recently as Senior Vice President. Mr. Adair received his B.A. in Political Science from the University of Vermont.

Mr. Dunigan joins Greenlight Re from B.F. Reinsurance Underwriters, LLC, a subsidiary of W.R. Berkley Corporation, where he was a Senior Vice President since 2007. At B.F. Re, he established a stronger Midwest presence for the company’s treaty, program and facultative segments, and was responsible for the portfolio with the lowest combined ratio in the network. Prior to B.F. Re, Mr. Dunigan spent six years at GE Insurance Solutions, most recently as President of the company’s North American Casualty Facultative/Program division. He has also held positions at Swiss Reinsurance America and Kemper Reinsurance. Mr. Dunigan received his M.B.A. from the Lake Forest Graduate School of Management and his B.A. from Drake University.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in our annual report on Form 10-K filed with the Securities Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Greenlight Capital Re, Ltd.

Greenlight Re ( is a NASDAQ listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. Established in 2004, Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited. With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re’s assets are managed according to a value-oriented equity-focused strategy that complements the Company’s business goal of long-term growth in book value per share.



Code of Practice for Cayman Islands health insurance offences announced

health-insuranceA recent notice published in the Cayman Islands Gazette regarding administrative fines for health insurance offences aims to reduce the length of time that it takes to dispose of these offences in the court system.

The new Code of Practice for Administrative Fines for Health Insurance Offences illustrates how the Health Insurance Commission will apply the fines system.

Offences for which fines are liable include failure to provide employees with compulsory health insurance coverage, or with up-to-date information about their approved insurer.

The legislation also requires health insurance providers to file certain documents with the Commission. Failure to provide the Commission with the information is considered an offence.

Other breaches of the Law which could be processed administratively include wrongful termination of health insurance contracts or the reduction of the level of benefits.

Employers or other stakeholders accused of committing certain offences under the Health Insurance Law (2013) may be liable to pay $1,000 to the Government. In the case of a continuing offence there will be a fine of $100 for each day the offence continues. All fines collected will go towards the Government’s revenue.

The accused will receive notification from the Health Insurance Inspector of the offence and be given 21 days to respond. If there is no response during this time, the accused will receive a follow up letter which requires a response within 10 days of receipt for the matter to be addressed administratively. In their response, the accused will have an opportunity to provide any supporting documents for further consideration in relation to the alleged offence (s). Failure to respond within the time permitted will result in a court proceeding.

At any stage during the investigation the accused may request in writing that the matter be dealt with administratively and the Commission shall consider the request. If there is a disagreement with the facts of the case or the accused refuses to sign the administrative fine agreement form, the matter will proceed to court.

The Gazette notice outlines the procedures for hearings between both parties when these are deemed necessary by the Commission. It also provides the forms required to file the case, indicates how fines should be paid, as well as the right to appeal.

Health Minister Hon. Osbourne Bodden commented that, “The Administrative Fines System will allow the Superintendent of Health Insurance to collect administrative fines for violations in an expeditious manner, thereby reducing the workload of the Court. In addition, the Superintendent of Health Insurance now has more authority to enforce and regulate the Health Insurance Law.”

Praising the work done to implement the Administrative Fines System, the Minister added, “The Health Insurance Commission, in partnership with the Ministry of Health and other stakeholders, have worked hard to enhance the law’s capability to meet the current needs of the sector.”

Commenting on plans to implement the new code of practice, Superintendent of Health Insurance Mervyn Connolly stated, “Over the next few weeks the Commission will conduct a public education campaign regarding the Code of Practice for Administrative Fines for health insurance offences. Implementation of the Code of Practice will commence on 1 October 2014.”

For more information, please contact the Health Insurance Commission at 946-2084, or email

A copy of the Code of Practice is available on or on in Extraordinary Gazette #58 dated Friday 8 August 2014.




Cayman Islands Government channels mark Hurricane Ivan Anniversary

Remembering Ivan Doc the Gov Story Still004 Remembering Ivan Doc the Gov Story Still005Government Information Services (GIS) television and social media channels join Radio Cayman this month in showcasing memories of Hurricane Ivan, 10 years after the storm passed through the Cayman Islands.

Hurricane Ivan was the tenth most intense Atlantic hurricane ever recorded and caused billions of dollars in damage to the islands that it came in contact with, including Grand Cayman.

On Thursday 11 September at 8.00 pm CIGTV looks back at the destruction and re-emergence of Grand Cayman after Ivan had passed our shores. Producer Donna Bush and editor/videographer Stephon Johnson bring together photos and video from 2004 with modern day interviews of some of the key players in the civil service response.

The documentary focuses on how the storm affected the Cayman Islands Government, in particular civil servants on the front line. It looks at the destruction caused by the storm in the context of crisis preparedness in 2004 and 2014.

GIS will also recount the story of Hurricane Ivan on their social media channels, sharing archival photos, messages and reflections on the storm, alongside hurricane preparedness tips that aim to ensure that the public is ready to face the present hurricane season.

Radio Cayman will air its programme, In the Eye of the Storm, on 11-12 September at 7.00 pm, featuring interviews with more than a dozen public and private sector officials as well as community representatives.

This programme will cover a range of topics, from response by the uniformed services, to local utilities and insurance companies, as well as the Ivan’s impact on the environment and on individuals. It also looks at the perspective from Cayman Brac.

Then on 13 September, at 3:30pm, former Director of Broadcasting Loxley Banks will host the live call-in show “Commemorating Ivan”. Guests will include the former head and deputy head of the National Hurricane Committee Kirkland Nixon and Donovan Ebanks, as well as the former Director of the National Weather Service Fred Sambula, and Hazard Management Deputy Director Lee Madison.

The radio station has also dedicated a number of its talk shows over the month to discussing advances in hurricane preparedness since 2004.

GIS and Radio Cayman were among those agencies that contributed significantly to Government’s communications efforts before, during and after Ivan.

Government Information Services was responsible for distributing information to the media from the National Hurricane Committee, from the point that a hurricane alert was declared through the end of the recovery process.

Radio Cayman meanwhile broadcast into the height of the storm, when it lost its generator and link antenna. It was also the only station on air for about two weeks after the hurricane passed. Staff worked first from the emergency communications centre at the fire station, then returned to Radio Cayman once electricity was restored to the area.

Universal & Lowes Hotel announce ‘Caribbean-Themed’ resort for Universal Orlando RESORT

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When it opens in the summer of 2016, guests visiting the new Loews Sapphire Falls Resort at Universal Orlando will walk into a colorful Caribbean hideaway built around a lush, tropical lagoon and towering waterfall.

The new hotel, announced today by Universal Orlando Resort and Loews Hotels & Resorts, will be located across Adventure Way from the new Cabana Bay Beach Resort. It will become the destination’s fifth resort hotel and its 1,000 rooms, including 77 suites, will bring the number of on-site hotel rooms at Universal Orlando to 5,200.

Inspired by the picturesque rivers and waterfalls of the Caribbean, Loews Sapphire Falls will immerse guests in a highly themed resort environment using traditional island styling with modern touches. A resort-style pool with a water slide, children’s play area, sand beach and fire pit will help form a central courtyard and will be surrounded by the hotel’s guest rooms. There will be water taxi and shuttle access to all of the entertainment and dining options throughout Universal Orlando Resort.

“We are excited to continue our growth plans at Loews Hotels by building another hotel with our long-standing PARTNERS at Universal Orlando,” says Jonathan Tisch, Chairman of Loews Hotels & Resorts. “Loews Sapphire Falls Resort will be every bit as distinctive as the other four on-site hotels and will offer a new option to families looking for a truly special Orlando vacation.”

“Our guests repeatedly tell us that our Universal Orlando on-site hotels provide them a completely immersive vacation experience from the moment they enter our hotels and are transported to another place,” said Tom Williams, Chairman and Chief Executive Officer, Universal Parks & Resorts. “We look forward to bringing them yet another incredibly themed experience with the opening of Loews Sapphire Falls Resort.”

The new hotel will be full service. Amenities will include Early Park Admission to Universal’s theme parks, a full-service restaurant with scenic views and outdoor dining, a themed lobby lounge, poolside bar and grill, quick-service marketplace, valet service and a fitness center. Booking information and pricing will be announced at a later date.

About Universal Orlando Resort

Vacation like you mean it at Universal Orlando Resort – where every heart pounding, jaw-dropping, goose-bumping second counts. It is the only place where you can turn spending time with your family into spending time as a family. Together, you can soar above Hogwarts with Harry Potter, swing above the streets with Spider-Man, become a Minion in the hilarious and heartwarming Despicable Me Minion Mayhem ride, and join Optimus Prime in the fight to save mankind on the new mega-attraction, TRANSFORMERS: The Ride – 3D. And now, you can board the Hogwarts Express and step into The Wizarding World of Harry Potter – Diagon Alley.

Universal Orlando Resort is home to two incredible theme parks: Universal Studios Florida and Universal’s Islands of Adventure; four magnificently themed on-site hotels: Loews Portofino Bay Hotel, Hard Rock Hotel, Loews Royal Pacific Resort and the newest addition, Universal’s Cabana Bay Beach Resort; and Universal CityWalk – enjoy the best in restaurants, live music, shopping, movies and more. And located just minutes from Universal Orlando Resort is Wet n’ Wild, Orlando’s premier waterpark.

Universal Orlando Resort is part of NBCUniversal, a Comcast company. Follow Universal Orlando Resort on Facebook, Twitter, Instagram and YouTube.


Opening Date: Summer 2016

Style: Casual and easy-going Caribbean-inspired resort surrounding a lush, tropical lagoon and towering waterfall.

Rooms: 1,000 guest rooms and suites.

Amenities: Highlights include Early Park Admission to Universal’s theme parks, resort-style pool with water slide and children’s play area, valet service and a fitness center.

Dining: Full-service restaurant with scenic views and outdoor dining, themed lobby lounge, quick-service marketplace, poolside bar and grill.

Reservations: Will be accepted in spring 2015

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