September 17, 2021

Cayman Captive Forum profits devoted to ensuring the future

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ilogoFrom Captive Insurance

With some 1,600 attending last December, perhaps the largest captive insurance conference each year is the Cayman Captive Forum hosted by the Insurance Managers Association of Cayman (IMAC). About 20 years ago, forward-thinking members of IMAC realized that the conference and their other fund-raising capabilities gave the Association a unique opportunity to support the young people in the islands in their quest for a higher education.

Thus, IMAC’s Educational Scholarship Trust Fund was formed in 1994 to assist with the post-high school education of young Caymanians. Contributions are derived from IMAC, the individual insurance management firms, and the captive insurance companies themselves along with the proceeds of the annual Cayman Captive Forum. Early on the scholarships were awarded primarily to students who wanted to return to Cayman to work in the finance industry. A few ended up in captive insurance, some in banks, and another as a regulator.

Since finance is the dominant industry in Cayman, there are other sources of financial support to students who wish to study business, including accounting firms, banks, and law firms. On the other hand, there were very few alternative sources of funding for those who wanted to study science, medicine, teaching, psychology, and similar subjects. Acknowledging the intention that the funds available be used where they can provide the most benefit, the scholarship funding was eventually opened to all Caymanian applicants who want to study a first degree overseas. IMAC usually tries to assist individuals who are bright enough for college but would be unable to attend without financial support.

During 2010, the Fund achieved charitable status, and IMAC’s leadership hopes this will assist with future fund-raising efforts. The financial statements are audited by KPMG. Since inception, the Fund has raised over $2.4 million and assisted 33 students.

Currently the fund is supporting the following full-time students.

Whitney General—medicine at Bristol University

Chloe Tathum—movement science at Penn State

Erica Powell—early childhood education at Florida International University

Aaron Farrington—psychology at Plymouth University

Kayla Solomon—early childhood studies at the University of Portsmouth

Ashli Welcome—veterinary medicine at Szent István University in Budapest

Amy Thompson—hospitality management at Portsmouth University

Miriam Mascal—international business at University of Tampa

Leshontae Missick—medicine at International American University in St. Lucia

Julian Jervis—biology at St. Lawrence University, New York salutes IMAC for taking this proactive interest in the future of young people in the Cayman Islands. In our increasingly sophisticated world, access to an educated work force is growing more important to all businesses and communities.


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