Insurers Hold Largest Post-Ivan Conference

Hundreds of delegates from around the world gathered in Grand Cayman for the second annual Cayman Captive Forum held by the Insurance Managers Association of Cayman (IMAC) in conjunction with the Cayman Islands Monetary Authority (CIMA) and the Chamber of Commerce. This was the largest finance-related conference to have been held in the Cayman Islands post-Ivan.

The conference featured specialists on topics such as the state of the current marketplace, opportunities for captive growth and healthcare trends.

CIMA’s Head of Insurance Supervision Mary Lou Gallegos said the conference’s aim was to prepare the industry for the future so it will be able to maintain quality and growth. She added that the speed with which CIMA was up and running after Hurricane Ivan showed the industry that Cayman is capable and prepared to give first-class service to the captive insurance market. “We began work two weeks after the storm and has issued 12 captive licences since,” Ms Gallegos said.

Welcoming the participants on Wednesday, 8 December, the Hon Leader of Government Business McKeeva Bush said insurers form an important part of Cayman’s world-class financial centre and it is important that the industry continues to grow.

“The financial sector played a key role in the quick recovery in the week following Hurricane Ivan. This conference will be part of the historical account of the Islands not only because it is the first major financial event to be held here, but also because it stands as one of the milestones of recovery.”