January 4, 2017. The Insurance Managers Association of Cayman (“IMAC”) organizes and hosts the world’s largest captive-specific conference, the Cayman Captive Forum, which is also Cayman’s largest annual conference. The 24th annual Cayman Captive Forum was held November 29-December 1, 2016 and attracted nearly 1,500 attendees, including captive directors, CFOs, risk managers, service providers and captive managers from around the world, to discuss the most pressing issues in the captive insurance industry. As in previous years, both Captive Resources (CRI) and Kensington Management Group, Ltd. (KMG) were well represented and received at the Forum. CRI’s President, Nick Hentges, Senior Vice President, Mike McManus, and Ed Keis, Chief Financial Officer of DeCrescente Distributing Company, presented a session entitled “One Company. Four Captives. One Source.” DeCrescente Distributing is a member of Summit Insurance Ltd, Everest Property Insurance Company (EPIC), Well Health Insurance Ltd., and is an owner of an 831(b) micro captive insurance company. The panel discussed current ownership and participation in four distinct captives, spanning multiple lines of insurance coverage, utilizing common financial planning and risk management concepts. DeCrescente Distributing joined its first captive in 1998, and provided the session attendees with a perfect example of the power of group captives for middle market companies.
Over the 3 day conference, there were 34 educational and motivational sessions filled with tutorials, inspirational speeches, and panel discussions on issues affecting the captive insurance industry, given by 90 different speakers. This year’s keynote speaker, Diana Nyad inspired the crowd with her courage and sheer determination to “find a way,” with the power of the human spirit. At the age of 64, on her fifth attempt, Diana successfully fulfilled her lifelong dream of completing the 110-mile swim from Cuba to Florida on September 2, 2013. The conference also afforded attendees excellent networking opportunities.
The Cayman Islands Monetary Authority (“CIMA”), Cayman’s regulatory body, reported that as of September 30, 2016, CIMA is regulating 711 Class B, C and D insurance companies and managing US$13.9 billion in total premiums and US$59 billion in total assets. The new Head of Insurance Supervision, Ruwan Jayasekera noted that 33 new captives were formed in the Cayman Islands during 2016, as of September 30, 2016, with another 15 new licenses being expected before the end of the year. Although Cayman has seen year on year growth in the Insurance industry, the number of captive formations year to date, has made 2016 its busiest year since 2011. CIMA is committed to working closely with the captive industry to ensure that the jurisdiction remains attractive to quality business, for both existing and potential licensees. With over forty years of experience in the insurance industry, Cayman is a jurisdiction that is second to none when it comes to financial services, especially captives.
The 2017 Cayman Captive Forum is scheduled for November 28-30 at the Ritz-Carlton, Grand Cayman.