George Town, Grand Cayman, 29 July 2013
The Insurance Managers Association of Cayman (IMAC) has tipped the scale of 500 members.
IMAC launched in 1993 with a mandate to promote the Cayman Islands captive insurance industry and to act as a liaison between the Cayman Islands Government and the Cayman Islands Monetary Authority and industry – both local practitioners and their clients. The Association has grown from strength to strength, including hosting and organising the world’s largest captive insurance conference, attracting almost 1,400 people annually to the event.
IMAC’s Legal and Regulatory Committee played an active role alongside legislators in the development of the Cayman Islands 2010 Insurance Law, which came into effect in 2012, modernising Cayman’s insurance offering in accordance with International Monetary Fund recommendations. The new law provides the gateway for the development of the reinsurance business in Cayman and also delineates different types of insurance products, applying the proper amount of risk-based regulation to each.
This year, IMAC took an active approach to roll-out of the new brand identity ‘Cayman Islands. Clearly Better Business’, which effectively positions the domicile as a transparent, quality and business-focused jurisdiction. The Association also continues to engage regularly with the media, presenting thought leadership pieces and attending international conferences.
Rob Leadbetter, who took over as IMAC Chair in January 2013, was pleased to see this uptick of growth in the Association. “The growth of the membership is indicative of the appreciation that industry has for the work that we do”, he said. “We welcome all members and invite them to participate in the process. As a group of competitors, we pride ourselves on setting aside our differences and working towards the betterment of the jurisdiction as a whole, for everyone”.