MEDIA RELEASE. George Town, Grand Cayman, Sept. 17, 2018
The Insurance Managers Association of Cayman (IMAC), the nonprofit organisation representing Cayman’s captive and alternative risk management insurance industry, has announced the launch of its new brand identity, name, and tagline for use when it is promoting this industry to the world. IMAC will use “Cayman International Insurance – The Better Alternative” for external communications and marketing, while locally and with reference to the association itself, it will still be known affectionately as “IMAC”.
Originally established in 1981, the organisation acts as Cayman’s industry representative, working alongside both government and regulators to ensure consistent compliance and robustness within the industry. IMAC is also famed for launching the world’s largest captive insurance conference, the annual Cayman Captive Forum. Twelve months after successfully hosting its first Cayman Captive Forum, IMAC then set up its Educational Scholarship Fund in 1994. It also played a significant role in working with legislators in 2012 to modernise Cayman’s insurance law; particularly laws that were related to ease of business for Cayman’s Insurance Linked Securities (ILS) and reinsurance sectors.
“For 37 years we’ve delivered the message that Cayman is a leading domicile that is filled with opportunity,” said IMAC Chair Erin Brosnihan. “And after decades of effecting change for this industry, we’ve come to realise that we, too, have changed. We are no longer an association trying to develop our industry – we have become the face of our industry.”
Brosnihan continued: “Having said that, it’s also important to note IMAC will not vanish. It will still exist as a member organisation and an inward-facing entity. What has changed is our global promotion of Cayman as a domicile, which is where I am eager to see how Cayman International Insurance will unfold and develop.”
Brosnihan went on to explain that the name change was required to appropriately promote Cayman’s multipronged insurance industry, which has now grown inclusive of reinsurance and ILS. The brand was revealed to members on Sept.15 at the annual Black-Tie Gala, a fundraising event hosted by the association for its scholarship.
“This truly is an exciting time, both for Cayman as an ever-growing domicile and for our organisation, as well,” Brosnihan said. “IMAC was built on a rich history of captives, and we look forward to where Cayman International Insurance will steer us in the future.”