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Explore the latest news, insights and developments from IMAC and the Cayman Islands insurance industry, including updates on captive insurance, reinsurance, regulation and industry events.
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InsurTech & Innovation – Educational Session
May 26, 2023
George Town, Grand Cayman, May 26, 2023 On Wednesday 24th June IMAC hosted an in person educational session for members held at the Camana Bay cinema on the subject of InsurTech and Innovation. The event included presentations from Isabel Gumeyi, Director, PWC; Isaac Espinoza, SVP of Strategy & Reinsurance at Root, Inc. and Aaron Unterman, Managing Director, XReg Consulting. The session was moderated by Suzanne Sadlier, Co-Chair of The IMAC Social and Educational Events Committee.
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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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New 2022 Statistics show Cayman Islands’ Insurance/Reinsurance industry has one of the best years for new licenses in the past decade
Mar 30, 2023
George Town, Grand Cayman, March 30, 2023 - Demonstrating the continued resiliency of the Cayman Islands insurance/reinsurance industry following a historic pandemic and notable global economic headwinds, new data released by the Cayman Islands Monetary Authority (CIMA) shows exceptionally strong growth in new licenses issued in 2022.
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IMAC Golf Day raises US $20,000 for Educational Scholarship Fund!
Nov 7, 2022
George Town, Grand Cayman, 7 November 2022 – The Insurance Managers Association of Cayman is pleased to announce that their 2022 golf scramble held on Friday, 28 October raised twenty thousand dollars to benefit their Educational Scholarship Fund.
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IMAC announces 2022 Scholarship Recipients
Oct 14, 2022
George Town, Grand Cayman, October 14, 2022 – IMAC is proud to present our annual Scholarship to 2022's recipients.
Read more 2022-09-30 – The Impact of Inflationary Trends on your Captive
Oct 3, 2022
Part of our 2021 IMAC Webinar Series.
Sponsored by:
Recorded Session: Click Here
Recording Password - IMAC Member Access Only – Please email imac@caymancaptive.ky
Session Details:
Program Content & Presenters:
The Impact of Inflationary Trends on your Captive
The economy and insurance industry have been transformed over the past few years by significant disruptors such as COVID-19, cyber attacks, and the return of both general inflation and social inflation. The combination of these factors has contributed to a hardening property and casualty (P&C) marketplace, resulting in higher premiums, policy restrictions and/or exclusions, and even some carriers pulling out of certain markets or having insureds take on more risk through higher retentions. Captive management becomes heavily engaged and under increased pressure when inflation distorts budgets and profit margins shrink. The strategic use of a captive and its benefits are more important now than ever. What are strategies to keep a captive immune to inflation? This session will address key questions such as with a main focus on liability coverages:
- What is inflation, social inflation and its causes and drivers?
- How does inflation impact data, metrics, and forecasts?
- What impact did COVID-19 make?
- What are strategies to best deal with and mitigate inflation?
- How is the claims management process affected?
- What is the expectation going forward?
Richard Frese
FCAS, MAAA
Principal and Consulting Actuary
Richard Frese, FCAS, MAAA is a Principal and Consulting Actuary with Milliman, Inc. in Chicago, IL. He is a Fellow of the Casualty Actuarial Society and is a member of the American Academy of Actuaries. Richard’s expertise in property and casualty primarily involves loss reserving and forecasting. Richard’s presentations include the annual ASHRM conference, Cayman Captive Forum, Crittenden Medical Insurance Conference and national RIMS conference. He has published articles in nationwide insurance publications including Business Insurance, Risk Management, Physician Insurer, Healthcare Financial Management and Risk & Insurance.
Melinda Malecki
JD, MS
General Counsel
Melinda Malecki is the General Counsel of Loretto Hospital. Ms. Malecki is a Health Law attorney with over 25 years of corporate, regulatory, and risk management experience. She provides legal counsel, corporate compliance, and risk management services to Loretto Hospital Administration and staff. She is responsible for the legal functions of the Hospital. Part of her role is to manage the claims of the Hospital’s captive insurance company, Westside Insurance.
Eric J. Wunder
FCAS, MAAA
Principal and Consulting Actuary
Eric is a Principal and Consulting Actuary with the Milwaukee office of Milliman. He joined the firm in 2009. Eric’s area of expertise is with long-tailed lines business.
Eric assists clients with reserving, pricing, statements of actuarial opinion, pro-forma projections, captive feasibility studies, stochastic modeling, due diligence support for mergers and acquisitions, AM Best rating reviews, and the new legislation impact analyses.
Eric is a frequent author for Medical Liability Monitor and Inside Medical Liability and has presented at WRCIC, ExecuSummit, and several MPLA conferences.
Read moreOperating in Cayman