On Wednesday 20 January 2016 at the IMAC AGM the new executive committee was elected. Kieran O'Mahony, and Linda Haddleton continue as IMAC Chair and IMAC Vice Chair / Legislative and Regulatory Committee Chair respectively.
Joining them are continuing executive members Jennifer Reid (Global Captive Management), Secretary; Erin Brosnihan (Kensington), Forum Committee Chair; Adrian Lynch (Aon), Research & Development Committee Chair; John Pitcairn (Artex), Scholarship Committee Chair and JS de Jager (CSI International), Marketing Committee Chair along with new comers Jim Owen (Willis), Treasurer and Colin Robinson (SRS), Education Committee Chair. Stepping down from the executive committee are Seamus Tivenan (SRS) and Stephen Gray (Willis).
IMAC Chair, Kieran O’Mahony said “I would like to thank both Seamus and Stephen for years of outstanding service to the Cayman Captive Insurance industry, whilst we will miss them on the executive committee we are excited to welcome both Colin and Jim and look forward to their contributions over the coming year.”
There were 21 full members present at the AGM held last week where Kieran O’Mahony gave an overview of the state of the industry and thanked members for their hard work, continued efforts and good performance during the past year. Even more commendable considering the US market is still very much stuck in a soft “traditional” insurance market cycle. In his overview O’Mahony also highlighted the sustained growth in premiums written (6%) and total assets held (12.5%) showing the strength of the Cayman market and the positive impact on the mergers of health groups to larger captives.
John Pitcairn, Scholarship Committee Chair provided members with an update noting that through their efforts, 33 Caymanian students have now gone to university. To date IMAC has raised $2.4 million in Scholarship funding.
IMAC Vice Chair, Linda Haddleton added “Cayman continues to be at the forefront of the Captive industry, not only do we have a fantastic product but we also continue to attract world-class managers and service providers, we look forward to working with the new executive committee to continue our mission to promote the development of the Cayman Islands captive insurance industry.”