01-Dec-2017

2017-12 December News Digest

Welcome to the December, and end of 2017 edition of IMAC news

This month...

  • A note from the new incoming Chair
  • December blog- Cayman: A powerful domicile with a consistent credit rating
  • Cayman Captive Industry contributes over $100m to Cayman economy
  • Captive Insight - Issue V
  • Elsewhere in the news

A note from the new incoming Chair of the Insurance Managers Association of Cayman:

"2017 has been another successful year for Cayman's international insurance industry. At the start of Q4, written premiums had reached nearly $12.5billion from over 730 licenses, placing us on track to repeat the success of 2016 - we're looking forward to revealing the end of year results in January.

With these figures demonstrating our continued intelligent and innovative leadership, and with the recent results from the EU regarding co-operative jurisdictions, we continue to make large strides in making Cayman the #1 jurisdiction of choice.

We were however, very saddened to hear of the passing of former IMAC Chair Linda Haddleton, last month. With resilience, Linda has been a member of IMAC Executive Committee for a number of years, devoting her time and soul to the organisation, and the industry as a whole. It is with heavy hearts that we say farewell to Linda and we wish her family continued condolences. Linda will be very fondly remembered by IMAC, and the entire industry. 

To continue Linda's fierce commitment to drive Cayman's international insurance industry forward, we have an exciting year ahead in 2018. We'll be at RIMS in April, as well as hosting our own roadshow events, continuing with our webinar series, and contributing insightful leadership, all in the name of raising the profile of Cayman as a domicile. We aim to cement our position as the world's leading jurisdiction for insurance, and we look forward to having you on that journey with us. I'm delighted to move into 2018 as the Chair of such a forward thinking and ambitious organisation.

We thank you all as always, for your continued support and dedication to Cayman's international insurance industry, and wish you and your families a happy and healthy holiday season." 

- Erin Brosnihan

 

December blog - Cayman: A powerful domicile with a consistent credit rating

Cayman’s economic strength and political stability consistently receives top marks by the international credit rating agency, Moody’s. But why is this? What is it about Cayman's economy and governance that allow it to work so well while others struggle?

Take a read and find out why. 


Captives generate $100m for local economy
 
We were delighted to reveal last week that in 2016, Cayman's captive industry contributed over $100m to the island's economy. A combination of boosting Cayman's tourism product, regulatory body fees and scholarship foundation fundraising, it's a true reflection of a thriving industry on the local economy. Read the full release here


Captive Insight - Issue V

Don't forget, the 2018 edition of Captive Insight magazine is now live and available for access. With articles including information on risk management and cannabis; an interview with the regulator; and an educational piece on Cayman's maritime and insurance parallels, it's one not to miss. Click here to view the online publication. 


Elsewhere in the news... 

Cayman Captive Forum

Know How

Key Issues

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Wed-Jul-25-2018
Busy season for Cayman's captives

Cayman’s insurance industry is in the midst of another busy season, with Q2 results in and plans already underway for the world’s largest captive insurance conference in November – the annual Cayman Captive Forum. The Insurance Managers Association of Cayma...

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