Mike Scott
Assistant vice president
Global Captive Management
Personal bio: I’m originally from Edinburgh, Scotland, and enjoying my second spell living and working in the Cayman Islands. I like to spend my spare time reading, playing Gaelic Football, working out at F45 and visiting the islands’ restaurants and beaches with my partner, baby son, and friends
Professional profile: I obtained an MA in English Literature and History from the University of Glasgow in 2008, and partially completed a one-year MSc in Information Technology before leaving the course early to take up full-time employment in 2009 – graduate jobs were hard to come by during the financial crisis. I qualified as a Chartered Accountant with PwC in Edinburgh in 2012, shortly before relocating to Cayman for the first time and then spent time working in the not-for-profit and banking sectors back in Edinburgh before returning to Cayman in 2016 to join Global Captive Management.
How did you end up in the captive industry?
Upon joining PwC Cayman, I was assigned to their insurance department and began working on a portfolio of captive insurance companies, performing the audits of their financial statements.
My background had been in auditing government and public sector entities when I was with PwC in Scotland, so the learning curve was steep, but I found myself working in a great team of smart, dedicated people, and the training provided was excellent. I learned a lot about the captive industry in the two years that I worked there, which stood me in good stead when I was looking to return to Cayman a few years later, and the opportunity to join GCM arose.
What has been your highlight in the captive industry so far?
Having the opportunity to travel widely for client and industry meetings with GCM. I’ve been fortunate enough to visit Mexico, Italy, Canada and Aruba, as well as various places in the US, in the course of my work. It’s always great to visit and explore new places, and the trips have given me an opportunity to spend some time with my clients in person and better understand how I can help them.
What/who have been your influences in the captive industry?
Damian Pentney and his management team at PwC Cayman were responsible for bringing me into the industry in the first place and equipping me with the knowledge I needed to succeed early on. Since then, there are genuinely too many people to name – I deal with and learn from, a variety of people from across the industry day in, day out, including my clients, actuaries, attorneys, tax advisors, regulators and my peers at other firms, through our local industry association. The management team here at GCM are really supportive and are, collectively, an invaluable resource to me.
What is your impression of the industry?
The industry is well-established and growing here in Cayman and elsewhere for good reason – f irms are having to manage their risks ever more closely and, increasingly, it’s making sense for them to utilise captives, particularly in the current hard market. That said, the pace of regulatory change is quick and requires captive owners to be engaged and invested in their operation – the captive is a business in itself, after all.
The clients of mine who are most committed to the running of their captives have reaped the greatest rewards, retaining millions of dollars that would otherwise have been spent on commercial coverage. Working with committed people, pulling together in a fast-paced, ever-changing environment makes the industry a great place to work.
What are your aspirations for your career in the captive industry?
I feel that I’ve progressed well in my first five years in the industry, and I’m looking forward to many more. GCM was recently acquired by Holmes Murphy & Associates and we’re already enjoying the benefits and opportunities that that relationship brings. I’m active within the local industry association here in Cayman and, more recently, have taken on responsibility for regulatory compliance arrangements in our office, so I feel that I have a lot of opportunities to continue to learn, progress and provide the best possible service and advice to my clients.
What advice do you have for someone considering a role in the industry?
The industry is a brilliant place to work for people who are naturally inquisitive and are committed to providing great client service. It takes a whole team of service providers to successfully run a captive; you’ll need to understand your role and then be diligent and organised in fulfilling it in order for you – and your clients – to get the most out of it.
Alanna Trundle, vice president, Global Captive Management “Mike Scott has excelled during the short time he has worked for GCM. Not only has he become technically proficient in insurance accounting, but he has also developed strong relationships with his clients building a solid foundation of trust which is key to our role in the industry. Furthermore, his willingness to adapt to the industry and take an active role in compliance shows he has a bright future ahead.”
