Cayman Islands hosts reinsurance roundtable in NYC

Cayman Islands hosts reinsurance roundtable in NYC | Insurance Business Canada

Reinsurance

Cayman Islands hosts reinsurance roundtable in NYC

It highlights political stability and collaboration as drivers of the sector

Reinsurance

By
Kenneth Araullo

The Cayman Islands Reinsurance Companies Association (CIRCA), in collaboration with Cayman Finance and the Insurance Managers Association of Cayman (IMAC), hosted a Reinsurance Roundtable Breakfast last week at the Harvard Club in New York City.

The event attracted nearly 200 attendees, including a delegation from the Cayman Islands and key representatives from the US reinsurance sector. Discussions centered around the Cayman Islands’ growing prominence as a reinsurance hub.

Steve McIntosh (pictured above), CEO of Cayman Finance, served as Master of Ceremonies and moderated the panel discussion titled “Why Cayman.” During his opening remarks, McIntosh highlighted the rapid growth of Cayman’s reinsurance industry, citing factors such as political stability and a favorable regulatory environment.

“The reinsurance sector in Cayman is experiencing extraordinary growth, bolstered by political stability, a favorable regulatory environment, and our position as a global financial hub,” McIntosh said.

David Self, chair of CIRCA, spoke on the importance of collaboration between the public and private sectors in the Cayman Islands. He pointed to the partnership between the private sector, the Cayman Islands Government, and the Cayman Islands Monetary Authority (CIMA) as a key factor in the jurisdiction’s success.

“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,” Self said.

Cayman Islands deputy premier André Ebanks delivered the keynote address, reiterating the government’s commitment to maintaining the country’s status as a respected financial services hub.

“Our government recognizes the instrumental, sound role reinsurance has in global markets; and recognizes 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 center for reinsurance business,” Ebanks said.

Kara Ebanks, head of insurance supervision at CIMA, provided regulatory updates during her presentation, emphasizing the jurisdiction’s strong regulatory framework.

“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 prioritizes both innovation and compliance with international standards,” she said.

“Why Cayman” panels

The event included two panel discussions. The first, “Why Cayman,” was moderated by McIntosh and featured panelists Elena Coyle, partner at Skadden; Ruwan Jayasekera, COO of Blue Ocean Reinsurance Group; and Peter McKelvy, CEO of Northern Re.

The panelists discussed the factors that make Cayman an attractive location for global reinsurance companies.

The second panel, “Setting Up a Reinsurer in Cayman,” was moderated by Derek Stenson, partner at Conyers, and featured John Forni, managing director at Grant Thornton; Rob Hou, CEO of Third Point Re; and Kieran Mehigan, chair of the Insurance Managers Association of Cayman.

This panel explored the practical steps involved in establishing reinsurance operations in the Cayman Islands, outlining the advantages for new entrants to the market.

Attendees were invited to continue discussions at future events, including CIRCA’s ReConnect 2025 conference, scheduled for April 10-11, 2025, in the Cayman Islands. Additionally, IMAC’s Cayman Captive Forum will take place from Dec. 3-5, 2024.

The forum is known as the world’s largest gathering of captive owners and service providers, attracting nearly 1,500 attendees annually.

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