LOS ANGELES – The Cayman Islands is working to rehabilitate its image as the home to secrecy and offshore accounts, according to Rob Leadbetter, chairman of the Insurance Managers Association of Cayman (IMAC). He spoke with Best’s News Service at the recent Risk and Insurance Management Society’s annual conference in Los Angeles.

Q: There are some new re-branding efforts afoot?

A: The Insurance Managers Association of Cayman, we’ve just re-branded our image here in line with the RIMS conference. Obviously, over the years, Cayman’s been a big player in the offshore financial industry. Unfortunately, we’ve had bad press in the past, and stories that are out there that necessarily aren’t true. It’s part of our process right now to battle those inconsistencies, and those stories that are told that aren’t necessarily true about us.

Rob Leadbetter Q: Can you give us an idea of what you’re talking about in the way of bad press, and some of the inconsistencies?

A: Sure. Over the years, even dating back to the [John] Grisham movie, Tom Cruise was in it, where the Cayman Islands is always seen as a place where secrecy happens, and offshore accounts, and money laundering, and all of those things. To be honest, it couldn’t be further than the truth. Over the years, the Cayman government, in line with the public service and the private sector, has gone to great lengths to battle those things. That’s absolutely what we do not stand for, and it’s all about attracting quality, good business.

Q: Talk to us about that quality, good business that you’re looking to attract. What types of business?

A: Absolutely. Obviously, the Cayman Islands is one of the biggest financial services industries in the world. Everything from banking, mutual funds, but also insurance, and it’s always been a leader on the captive insurance side. We’re the second-largest domicile in the world, and that’s really what IMAC is about. We represent the insurance managers on the island, and that’s what we’re here at RIMS promoting, the captive insurance industry.

Watch the interview at http://www.ambest.com/media/ma.asp?PC=7467&vid=leadbetter413 (this may require a subscription)