November 25, 2020

Whirlwind of a year for Cayman Captive Insurance

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The Insurance Managers Association of Cayman have reported another successful year for Cayman’s captive insurance industry.

“This year has definitely been a whirlwind,” commented the association’s Chair, Erin Brosnihan. “We work hard to promote the Cayman Islands as the jurisdiction of choice when it comes to international insurance, so we are very proud of the progress that has been made.

“We are particularly thrilled to announce that the Insurance Managers Association of Cayman’s Executive Committee have earmarked an additional US$50,000 to our Scholarship Foundation,” she added. “This fund currently supports 15 incredibly talented Caymanian students who are overseas in full-time education.”

News on the recent scholarship comes on the heels of a recent economic survey result, detailing a contribution of US $100 million by Cayman’s captive to the island’s economy in 2016.

“Results and actions like these only further prove that while our industry is thriving, we also care. The captive insurance industry supports Cayman where it counts,” affirmed .

Last month was a celebration of captives in Cayman, with the 25th annual Cayman Captive Forum at the Ritz Carlton, whilst earlier this month the Insurance Managers Association of Cayman saw the election of a new Executive Committee; former scholarship director Colin Robinson was welcomed as Vice Chair, with Jayne Lawless taking over his former role s  Chair of Education and Social Committee, Dena Thompson was appointed as Chair of the Regulatory and Legislative Committee, and Kevin Poole to Chair of the Forum Committee. Ms Brosnihan was elected as Chair after the recent passing of the association’s previous Chair, Linda Haddleton.

“We are heartbroken” expressed Ms Brosnihan. “Linda led the Insurance Managers Association of Cayman with resilience this past year and has been a dedicated, hardworking member for many, many years. Our recent donation to the Scholarship Foundation was made in her memory. The Scholarship was truly her passion and we are honoured to make this donation to celebrate Linda’s life, and her true commitment to the cause.”

“We must now take Linda’s vision and commitment to innovation and growth forward,” continued Ms Brosnihan. “Alternative risk is what Cayman does best, with over 40 years of experience in this industry. We look forward to expanding upon this knowledge and expertise. There is much to look forward to – after all, Cayman is the place where international insurance comes to thrive. We have built a strong economy, and even stronger relationships. The best is yet to come.”

The Cayman Islands is an international insurance centre, specialising in captive insurance, structuring and reinsurance products.  Cayman has a 40 year-plus history in international insurance products including captive insurance, insurance linked securities (ILS) structures and re-insurance. For more information on IMAC visit www.caymancaptive.ky

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