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2023-04-03 – Navigating the Changing Cyber Insurance Environment

Apr 12, 2023

Part of our 2023 IMAC Webinar Series.

Sponsored by:

Session Details:

Program Content & Presenters

Navigating the Changing Cyber Insurance Environment
Are ransomware or cyber-attack headlines keeping you up at night? Are you concerned about volatility in Cyber insurance premiums or decreases in coverage?  In this session, you’ll learn about recent Cyber trends in the traditional insurance market and how those trends are impacting the captive cyber market. Using a case study, we’ll explore the challenges one captive owner faced and how they leveraged their captive to cover the gap in cyber coverage.


Paul Davis, Esq.
Area Vice President, Cyber & Technology Practice,
Gallagher

Paul is a licensed attorney and dedicated cyber insurance specialist for Gallagher clients. As a member of the Cyber & Technology Practice at Gallagher he utilizes his legal background and specialized knowledge in cyber insurance to help clients identify unfavorable insurance policy terms and conditions, contractual risk transfer solutions, potential gaps in coverage and craft individually tailored risk management solutions to address the rapidly evolving cybersecurity threat environment. He holds a bachelor’s degree from Tufts University, a Juris Doctor from the University of Denver and a Cyber COPE Insurance Certification at the Heinz College’s School of Information Systems and Management at Carnegie Mellon University.

Ruth S. Rauluk, MBA, ARM, CPM,
Director of Risk Management,
Five Colleges

Ruth Rauluk is the director of risk management for the Five College Consortium. Ruth manages the enterprise risk management, child safety, insurance and risk management programs of Amherst, Hampshire, Mount Holyoke, and Smith Colleges, as well as for Five Colleges, Incorporated. She also manages the Collegiate Catalyst Fund, a captive insurance program that the four campuses and consortium own and operate.

Rauluk earned her MBA from Point Park University and holds a number of professional certifications, including an ARM and CPM designation. She is active in the University Risk Management and Insurance Association. While at Point Park University, she was the driving force behind establishing the university’s risk management, contracting, procurement, and compliance programs.

Kimberly W. Guerriero, FCAS, MAAA,
Principal and Consulting Actuary,
Milliman, Inc.

Kim is a Principal of Milliman. Her property and casualty insurance experience includes loss reserving, funding studies for captives and self-insureds, benchmark analyses, rate filing reviews for regulatory authorities, and expert testimony.  Kim specializes in alternative market issues. She has assisted with the formation and/or ongoing actuarial needs of many self-insurers, captive insurers, and risk retention groups. In addition to the alternative market, her clients include traditional property and casualty insurers, reinsurers, and insurance departments.


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Covid-19: The impact on captive boards, economic substance and tax considerations (podcast)

May 5, 2020

Listen on SoundCloud: https://soundcloud.com/global-captive-podcast/covid-19-the-impact-on-captive-boards-economic-substance-and-tax-considerations You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app.

In the latest instalment of the Global Captive Podcast's Covid-19 Captive Series, Richard discusses the implications for captive boards as global travel is restricted and what that might mean with regards to economic substance and tax requirements.

Sandy Bigglestone, Director of Captive Insurance at the State of Vermont’s Department of Financial Regulation, Colin Robinson, the 2020 Chair of the Insurance Managers Association of Cayman (IMAC), and Kate Storey, a Guernsey-based partner at global law firm Walkers, all provide insight on their respective domiciles' approach.

Jenny Coletta, a London-based Tax Partner at EY, then addresses what captive boards and the parent company will have to consider so they do not fall foul of scrutiny from their local tax authority.

Contact Richard: richard@globalcaptivepodcast.com

Visit the website: https://www.globalcaptivepodcast.com/episodes

Follow on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

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IMAC Educational Scholarship Fund now accepting applications from young Caymanians

Apr 27, 2020

Since 1994, the Insurance Managers Association of Cayman has been committed to supporting the educational development of the next generation. We are dedicated to providing young people with the opportunity to study abroad: to gain knowledge, experience, confidence and a fresh perspective and to use this experience to build their careers and to enrich their lives and communities.  

We strongly believe that all young people should have the opportunity to further their studies and pursue their goals. That is why we are committed to awarding our scholarships where they can provide the most benefit.  

To date, we have raised over $4.5 million and supported 54 young Caymanians pursue further studies around the globe in disciplines as diverse as Business Management, Arts and the Sciences.

Application deadline for young Caymanians who are pursuing a 3 or 4 year degree course overseas is May 15th, 2020.

For more details and how to apply, click here.

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Technology advances that have transformed the insurance manager’s world

Nov 12, 2019

Today’s insurance managers behave differently to their predecessors. They have new tools, new resources at their disposal, and they have adapted to rapid technological advances over the past 30 years.

Here are four ways technology impacts the life of an insurance manager:

The ability to connect with risk managers and CEOs around the globe

Once upon a time – when a Rolodex equaled one’s sources and network – finding the right people to talk to could take hours or days. Now, networking happens on digital hubs of information like LinkedIn, where the right people are connected in no time at all.

This means insurance managers can build trust and rapport with their audiences in other countries without ever leaving the office.

The ability to discover almost any piece of information

Before the rise of the internet – followed shortly by the rise of smartphones – research was time-consuming and often inefficient.

If an insurance manager wanted to learn more about a CEO’s industry or business, they would have to call an expert, read a relevant book or publication, or visit the company itself.

Today, insurance managers can learn about a prospect by browsing a company’s website, reading their press releases and news mentions, browsing their LinkedIn profiles, and more. These insights help insurance managers contextualize their messaging and skip the basic fact-finding stage of discovery.

The ability to work wherever you go

Twenty years ago, an insurance manager would have met a risk manager or CEO at a conference. They would have taken a business card, flown home, and arranged a business call when they got back to the office.

In this day and age, that insurance manager can connect with their prospect on LinkedIn a mere 30 seconds after they’ve met. They can send resources via email that night and have a call arranged the very next day. It’s possible their prospect will be halfway to the close before the flight home even takes off.  

The ability to embrace new possibilities within the industry

Updating captive insurance policies and transferring payments across the globe can be a lengthy exercise.

Blockchain technology accelerates all parts of the captive insurance process by automatically connecting all parties involved in the captive insurance program. Transactions and data entries are shared among participants in real-time, which decreases the time from start to policy; policy to premium; and claim to settlement.

These changes are just the beginning. As technology grows more sophisticated, so does the world of an insurance manager. International insurance will probably look completely different in another 20 or 30 years.

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H.R. 1 – The Unexpected Christmas Tale

Oct 29, 2018

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