The 23rd annual Cayman Captive Forum hosted nearly 1,500 registrants, securing its place once again as the world’s largest captive insurance conference.
Captive insurance industry leaders gathered in the Cayman Islands for three days of informative sessions, exploring key issues impacting the captive industry and in particular, the healthcare market.
Highlights of the conference included an update from Cayman Islands Monetary Authority (CIMA) Deputy Managing Director – Operations, Patrick Bodden, who noted the strength of Cayman’s market share in the face of greater competition amongst captive domiciles. Of the 742 international insurers regulated by CIMA as at September 2015, there were 679 Class Bs, 31 Class Cs (special purpose vehicles) and 1 Class D. At the end of the third quarter of 2015, the total premiums of international insurers were US$12.5 billion. The total assets were US$58.1 billion and the net income represented US$1.8 billion.
Keynote speaker Jason Dorsey, world renowned ‘millennials’ and generational expert, rocked the crowd with his presentation on the social, economic and professional impact of millennials in our society. Dorsey, also known as the “Gen Y Guy”, provided real world tips and techniques to better manage millennials in the workforce.
Michael Bazzell, the Forum’s most popular speaker, returned for his third consecutive year and presented to a full house. The ex-FBI agent with the Cyber Crimes Task Force, turned Hollywood screenwriter, shocked the audience with live demonstrations of the types of cyber-attacks that are hitting companies all across the globe and used the demonstration to explain that even the captive industry is threatened by cyber risks such as employee targeted email phishing and social engineering and suggested ways companies could protect themselves.
Cayman Captive Forum chairperson Erin Brosnihan was pleased with the Forum’s success: “As in the past, we had our sights set high to deliver a quality, education-based conference that every delegate could feel that they took something valuable from. We were fortunate to have a roster of the industry’s most well-respected experts and top-notch keynote speakers, all wrapped up with excellent networking opportunities. The feedback has been outstanding and we are already looking at new ideas for next year,” she said.
Insurance Managers Association of Cayman (IMAC) is a non-profit organisation run by the insurance managers of the Cayman Islands. In operation since 1981, IMAC’s aim is to act as both regulatory liaison with the Cayman Islands Government and to promote the Cayman Islands as a domicile of choice for captive insurance companies.
IMAC hosts the world’s largest captive insurance conference, attracting nearly 1,500 captive managers, service providers and directors annually.