George Town, Grand Cayman, 19 July 2016
The captive and re/insurance industry in the Cayman Islands is delighted with the announcement that Ruwan Jayasekera has been appointed as Head of Insurance Supervision.
Kieran O’Mahony, Chairman of the Insurance Managers Association of Cayman (IMAC) commented “We are extremely pleased with this announcement. Ruwan is highly regarded within the Cayman captive and re/insurance industry. Not only has he the qualifications, but he is a known, proven and experienced entity having worked closely with industry practitioners for many years. He has a proportionate and balanced approach to insurance regulation and supervision. He was and continues to be centrally involved in both the shaping of and the implementation of the Insurance Law and associated regulations and has consistently interacted with IMAC to ensure that industry’s view point is thoroughly considered. He has the intellect, the history and the determination to help drive Cayman’s captive and re/insurance industry forward.”
The Cayman Islands is the 2nd largest jurisdiction for captive insurance with over 709 licensees as of the 30th of June 2016. The Cayman Islands remains the leading jurisdiction for healthcare and group captives, with 34 percent and 17 percent of market share, respectively. Cayman captives are also increasingly being put to use for innovative lines of business and risk such as insuring; employee medical stop loss, medical groups, cyber/privacy breach and equipment maintenance.
The full statistics are available through the Cayman Islands Monetary Authority at www.cimoney.com.ky.
For more information on the Cayman Islands as a captive insurance domicile, visit www.caymancaptive.ky.
For more information on this release, please contact:
William J.N. Forsythe, FCA
Insurance Managers Association of Cayman
Phone: +1 345-949-4622
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.