The 22nd annual Cayman Captive Forum welcomed a record 1,499 registrants, securing its place once again as the world’s largest captive insurance conference.
Captive Insurance industry leaders gathered in the Cayman Islands over three days of intensive discussions about current issues, particularly those pertaining to healthcare captives, where Cayman is the world leader.
Highlights of the conference included an update from Cayman Islands Monetary Authority (CIMA) Managing Director Cindy Scotland, who noted Cayman’s solid position against stiffening competition in the market for captive domiciles. Of the 765 international insurers regulated by CIMA as at September 2014, there were 724 Class Bs, 39 Class Cs (special purpose vehicles) and 2 Class Ds. At the end of the third quarter of 2014, the total premiums of international insurers were US$12.4 billion. The total assets were US$55.1 billion and the net income represented US$1.7 billion. Over the past five years, the Cayman Islands has seen total premiums increase by 66%, and total assets by 23%.
Keynote speaker Dr. Michio Kaku brought the house down with his presentation on the incredible advancement of technology and particularly its relevance to the healthcare industry, illustrating how the fanciful world of science fiction has already materialised and is rapidly transforming our way of life.
Michael Bazzell, an FBI agent with the Cyber Crimes Task Force, stunned the audience with his quick, real-time demonstration of how easy it is to ‘hack’ a network and easily capture a company’s or a person’s most private information and what people can do to protect themselves from this risk.
Ms. Scotland expressed her positive views of the future for the Cayman captive industry. “I can … assert with a measure of well-founded confidence that the state of the Cayman Insurance industry is strong. In that regard, CIMA remains committed to helping ensure that the Cayman Islands maintains its position as a leading financial services and insurance jurisdiction”, she said.
Cayman Captive Forum co-chairs Ms. Erin Brosnihan and Mr. Seamus Tivenan were thrilled with the turn-out. “Every year we aim higher, in terms of our content, our networking offerings and of course our number of registrants – with 1,499 we hit a brand new milestone. Next year, we need at least one more registrant!” they joked.