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The Annual RIMS Conference & Exhibition

Cayman’s Insurance Industry "Captivates" Specialist Media at the Annual RIMS & Exhibition.

Cayman Islands representatives address specialist trade media on Monday 24 April 2006 at the Risk Insurance Management Society in Honolulu, Hawai'i (from left to right) - Ted Bravakis (at podium), the Honourable Alden McLaughlin, Seamus Tivnan, Mary Lou Gallegos, Tom Oliphant and Raeann Shepherd.

Honolulu, Hawai'i - 25 April 2006 - A delegation from the Cayman Islands captive insurance industry - led by the Honourable Alden McLaughlin, Minister for International Financial Services Policy - showed its solidarity and strength at a special briefing session for participating media yesterday during the 2006 Risk Insurance Management (RIMS) Conference and Exhibition, currently underway in Honolulu, Hawai'i.

The event, which was targeted to specialist insurance publications based in the U.S. and U.K. attending RIMS, highlighted Cayman's leading position in captive insurance. Participants heard from a cross-section of representatives from government, the regulator, Cayman service providers and actual U.S.-based clients, who provided testimonials on how Cayman captives are integral to their risk management strategies. In addition to Minister McLaughlin, the speaker panel also comprised the following representatives:

  • Mr Seamus Tivnan, Chairman, Insurance Managers' Association of Cayman (and Managing Director, Marsh Management Services Cayman)

  • Ms Mary Lou Gallegos, Head of Insurance Supervision, Cayman Islands Monetary Authority

  • Mr Tom Oliphant, Senior Insurance Manager, Americas & Captives, Solvay America, Inc.

  • Ms Raeann Shepherd, Director, Risk-Finance, Trinity Health

In his remarks, Minister McLaughlin recognised the industry's growth, infrastructure and high quality service providers and practitioners, stating that the strong partnership philosophy that exists among government, the regulator, the international community, and service providers and practitioners is vital to Cayman's success.

The Minister also reiterated that government's ongoing role in this partnership is clearly defined in three key areas: providing a secure legal framework; ensuring a regulatory regime that is well developed, and; demonstrating leadership to help the industry collectively manage issues and opportunities.

Mr Tivnan and Ms Gallegos jointly delivered an industry and regulatory overview that outlined the current state of Cayman's industry and its major milestones, including that the industry maintains just under 750 captive insurance companies with assets of $26.7 billion and annual premiums of $6.7 billion.

Client representatives Mr Oliphant from Solvay America, Inc., based in Houston, Texas; and Ms Shepherd from Trinity Health, based in Novi, Michigan; both provided concrete examples of how their Cayman captive entities have helped deliver comprehensive, cost-effective insurance that is specific to their individual business needs.

RIMS is widely recognized as the definitive risk management and insurance event and is the largest gathering of risk managers and insurance professionals in the world attracting approximately 10,000 participants, including more than 400 exhibitors.

Monday's media event was a new addition to the Cayman Islands' RIMS programme, which also includes an exhibition under Cayman Islands Financial Services banner; a special Cayman Islands-themed reception and networking event and opportunities for current and potential clients to meet one-on-one with the Cayman Islands Monetary Authority and services providers.