The Reinsurance Sector
Published 2nd May 2008, 1:34pm
(George Town, Grand Cayman – 2 May 2008) – The 30 April 2008 budget address to the Legislative Assembly by the Leader of Government Business, the Honourable Kurt Tibbetts, JP, announced measures that will be taken during the 2008/09 fiscal year to further develop the reinsurance sector in the Cayman Islands.
The measures announced are based on recommendations submitted to Government on 23 April 2008 by the Reinsurance Task Force (RTF). The RTF's recommendations focused around promoting commercial certainty for prospective reinsurance firms, specifically through provisions in the Immigration Law via the business staffing plan regime, as well as progressive approaches to regulation of reinsurance companies in the Insurance Law.
The RTF also recommended that reinsurance firms who wished to take advantage of Cayman as a location enter into a "social contract" with Government on career, education and training opportunities for Caymanians, reflecting a partnership approach to joining the Cayman Islands financial services community.
The RTF comprises senior and experienced figures in the Cayman Islands insurance industry familiar with the reinsurance sector, including: Mr Dan MacLean, managing director, Aon Insurance Managers (Cayman) Ltd., Mr Dan Scott, managing partner, Ernst & Young (Cayman), Mr Seamus Tivnan, director, Strategic Risk Solutions (Cayman) Ltd., Mr Bart Hedges and Mr Len Goldberg, respectively president and chief underwriting officer and chief executive officer, Greenlight Reinsurance and Mr Bryan Murphy, director and vice chairman, Island Heritage Holdings Ltd. The RTF also includes two members from Government's Financial Services Council: Mr Anton Duckworth, partner, Charles Adams Ritchie & Duckworth and Ms Deborah Drummond, deputy financial secretary (Financial Services).
Government has welcomed the RTF's offer to support the roll-out of the recommendations and will announce further details on how these measures will be put into action as they are finalized.
"The reinsurance business plays to Cayman's natural strengths," said the Honourable Alden McLaughlin, Minister for International Financial Services Policy. He pointed to Cayman's institutional business specialisation, including a vibrant insurance sector; existing professional infrastructure; experience in reinsurance products (sidecars and catastrophe bonds), and the presence of the hedge fund industry – a natural source of capital for reinsurers.
"We hope to attract industry partners who recognise our strengths and want to grow their reinsurance business in a conducive location," added Minister McLaughlin. "We also want to attract firms who will generate substantial activity for and in our financial services sector and who are willing to provide new careers and training opportunities for Caymanians."
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.