Insurance Managers Association of Cayman (IMAC)
The 30th Cayman Captive Conference is to take place from 28 to 30 November at Cayman’s Ritz-Carlton. General manager of IMAC, Kevin Poole, talks exclusively to CIT about the conference’s 30th anniversary and what lies in store
This will be the most widely-attended Cayman Captive Forum (CCF) to date. What can attendees expect from this year’s event in terms of size, scope and experience?
This year, the CCF will be celebrating its 30th anniversary. We are anticipating around 1400 attendees.
We expect the event to continue to be ranked as the largest captive conference in the world.
We have arranged introductory educational opportunities starting on Tuesday afternoon. On Wednesday and Thursday we will have two tracks of sessions, one track is mostly focused on healthcare issues and the other more general.
In addition to educational opportunities, the networking events will continue to enable key industry stakeholders and industry leaders to come together, learn and shape the future of captive insurance in Cayman at this one-of-a-kind event.
What are some of the key topics and themes that will be covered in the conference agenda this year? How have you seen the captive insurance landscape evolve over the past year?
This year there is a definite focus on technology. We have a technology-based keynote speaker and sessions that cover key technology-related issues including AI and your captive, managing virtual practices across multiple states, ChatGPT and cybersecurity and a discussion covering complex cyber renewals.
Other hot topics will include discussing the design of an enterprise risk management programme and advanced discussions on ESG and quantifying results, as well as various sessions covering innovative captive uses.
There will also be sessions on the latest market updates and trends in addition to those that focus on claims, inflation and risk management.
Additionally, we have sessions that cover contentious issues such as active shooter and workplace violence and reproductive care post Dobbs versus Jackson.
One of the industry updates will come from the Cayman International Reinsurance Companies Association (CIRCA).
The association is dedicated to promoting the Cayman Islands’ thriving reinsurance sector and will provide some insight on the continued growth in this sector.
The captive landscape is moving with the times — new technologies bring increased risks. While there have been changes in laws and developing social and economic issues that impact the industry, captives have traditionally been able to move quicker than the commercial market to help find solutions.
We see this as a natural evolution that captives have demonstrated over the years.
What types of speakers and industry experts will be featured at the conference? Are there any headline speakers you’re particularly excited about?
We are excited to have two keynote speakers this year. The first is the New York Times’ bestseller Ben Nemtin. In his speech, Ben will focus on “Making the Impossible Possible.” He will explain how he managed his anxiety and realised that he’d been living the life he wanted others to see, not what he wanted for himself. In an attempt to “re-set” he made a list of “100 things to do before you die” with his friends. Through the initiative, he helped others to accomplish something on their list.
Our second keynote is US cybersecurity authority Theresa Payton. She made history as the first female to be the White House’s chief information officer and was named one of the “Top 50 Women in Tech” by Award Magazine. Along with various other awards, she is a two-time company founder and CEO as well as the author of three industry-leading books.
How has the conference agenda been adapted this year to provide valuable content for captive owners and service providers at all levels of experience and expertise?
Fortunately, when we ask for speaker proposals, we receive many from experts who know and understand the industry’s hot topics. This enables the CCF Committee to select panels covering subjects we know the audience will enjoy, find interesting and, most importantly, learn from to help their own organisations. The agenda caters for learning. It includes sessions accredited by the International Centre for Captive Insurance Education (ICCIE) and the American Society for Healthcare Risk Management (ASHRM) for those seeking Continuing Professional Education (CPE) credits.
The content will be recorded and available later on-request and online, supplemented with additional topics. This gives attendees an opportunity to see any sessions they missed, or recap on those they attended. A separate registration is also available for the online content for those unable to attend in person.
What networking and social opportunities can attendees look forward to at the conference? How can they maximise connections at the event?
After a few years without an in-person event we were pleased to welcome people back to Cayman in 2022. Face-to-face meetings are important in our industry and we will continue to provide first-class networking opportunities. On Tuesday morning, the golf tournament, to be sponsored by PRP Performa Ltd. and Jarislowsky Fraser, will be held at the beautiful Ritz course. The evening will see Butterfield host the welcome reception around the Ritz Harbour Pool. It will include a performance by the Cayman synchronised swim team.
Wednesday will witness KPMG host the evening reception at the Ritz Harbour Pool, which will give attendees another opportunity to socialise outdoors.
The closing reception, sponsored by PwC on Thursday evening, is a unique event. It takes place on the beach in front of the Ritz, with a full array of food stations, a live band and a firework display sponsored by EPIC Insurance Brokers & Consultants.
We have three dedicated lounges sponsored by KPMG, Scotia Bank and CIRCA, which can host meetings and general networking opportunities.
During the week, various insurance managers and service providers will host client appreciation events which will take place following the daily receptions.
To maximise the networking experience, we have created a conference app. Attendees will be able to build a profile with a photo, which can be used to make connections. The attendee directory will also be available online for attendees to review and set up meetings prior to their arrival.
Why is the Cayman Islands an ideal location for the world’s largest captive insurance conference? What does the jurisdiction offer the industry?
The Ritz Carlton, Cayman offers a world-class venue for the event. It has numerous hotels and condos that provide excellent accommodation options for attendees. The warm weather helps make the event successful, as all receptions can be held outside. Cayman offers excellent air links to the US and Europe, with Cayman Airways also providing direct routes, in addition to the main US and UK carriers. The Cayman Islands Monetary Authority (CIMA), is available at the conference for captive meetings, which allows many attendees to hold captive board and regulatory meetings ahead of the busy renewal season.
The Cayman Islands is one of the world’s major financial centres and has a large and diverse financial services sector. Recognised as a top international banking centre, the world’s leading domicile for alternative investment funds, the second-largest captive domicile and a world leader in structured finance, the jurisdiction stands as the only “offshore” international financial centre to possess such breadth and depth in financial services.
While achieving its commercial success, the Cayman Islands continues to attract business to its shores with its professional infrastructure, business-friendly approach, flexibility, an English common law framework, stability, a well-regulated regime and tax neutrality.
The Cayman Islands has captive industry expertise in the form of insurance managers, auditors, lawyers, bankers, tax advisors and other service providers who, for over 50 years, have specialised in providing services to captive insurance companies and start-up international, commercial (re)insurance companies. The domicile has “institutional knowledge” across all disciplines required by a successful captive.
For those considering attending the CCF for the first time, what would you say is a must-attend event and what can they gain from participating?
Make the most of the educational and networking opportunities and visit the many exhibitor booths. Attendees come from North and South America, and Europe, so having so many people in one location provides a great chance for face-to-face meetings and to build relationships. Try to organise your calendar ahead of time, as this will help you get the most out of attending.
We will be hosting a first-time attendee breakfast on Wednesday morning this year. This is a new feature and we expect more than 100 people to attend. This session will highlight key events, how to navigate the forum, networking events, the app and much more. So, hopefully, this will be a useful addition to the agenda.
What are you most excited about for this year’s Cayman Captive Forum, and what do you hope attendees will take away from the experience?
We try our best to host a world-class educational and networking event every year — arranged by the industry for the industry. We continue to receive positive feedback on the standard of the presentations.
The conference continues to evolve. We receive post-event feedback on how we can improve the experience, and where possible and necessary, we make subsequent changes.
This year’s keynote speakers promise to be exceptional, and we will also hear from a Cayman government representative on why the captive insurance sector remains a key pillar of the economy.
Each year we also host an informal insurance symposium — an invitation-only event, attended by Cayman’s business partners and key stakeholders. It’s also attended by representatives of CIMA and the Cayman Islands Government to exchange views of how Cayman can do things better.
We are excited to host such an event and have the opportunity to meet the many friends and key stakeholders in Cayman’s success. This year is significant as we are celebrating 30 years of the Cayman Captive Forum,
Also, crucial to note is the fact that the proceeds of CCF help us to fund scholarships for many deserving young Caymanian students travelling overseas to further their education.
Ultimately, we encourage everyone to enjoy the event and everything else that Cayman has to offer as a jurisdiction and a premier Caribbean travel destination.
