The Cayman Islands Reinsurance Companies Association (CIRCA) hosted a roundtable breakfast last week at the Harvard Club in New York City, attracting the participation of more than 200 leaders and experts in the industry.
The event, organised in partnership with Cayman Finance and the Insurance Managers Association of Cayman (IMAC), included discussions about the jurisdiction’s growing reputation as a leading hub for reinsurance.
Steve McIntosh, CEO of Cayman Finance, moderated the panel titled ‘Why Cayman’, in which he remarked: "The reinsurance sector in Cayman is experiencing extraordinary growth, bolstered by political stability, a favourable regulatory environment, and our position as a global financial hub."
In the panel, David Self, chair of CIRCA, emphasised the importance of the collaboration between the public and private sectors in the domicile, stating: “The growth we are seeing is the result of a strong collaboration between the private sector, the Cayman Islands government, and CIMA. Our ability to work together effectively is truly the secret behind our success.”
Cayman Islands Deputy Premier André Ebanks delivered the keynote address, reaffirming the government's commitment to the jurisdiction being a globally respected centre of excellence and innovation in financial services.
“Our government recognises the instrumental, sound role reinsurance has in global markets and recognises the intrinsic link forming with institutional investors, such as private equity fund vehicles that are well-regulated in the Cayman Islands. As a result, the Cayman Islands presents a viable, innovative, compliant centre for reinsurance business,” he added.
Kara Ebanks, CIMA's head of insurance supervision, echoed these sentiments in her presentation on regulatory updates, emphasising the Cayman Islands' regulatory strength.
“The Cayman Islands continues to set the standard for regulatory excellence in the reinsurance industry. Our proactive and transparent approach ensures that companies can operate with confidence, knowing they are in a jurisdiction that prioritises both innovation and compliance with international standards,” she said.
IMAC will host the Cayman Captive Forum from 3-5 December 2024, which expects to attract nearly 1,500 attendees.
