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The Cayman Islands is emerging as a Global Hub for Reinsurance

Cayman Captive Forum 2023, courtesy of Cayman Finance

Cayman Captive Forum 2023, courtesy of Cayman Finance

The Cayman Islands are currently witnessing a significant surge in the reinsurance sector, a trend prominently featured at the recent Cayman Captive Forum. This gathering of industry experts provided deep insights into why the Cayman Islands are becoming a magnet for reinsurance companies.

The Rise of Reinsurance in Cayman

Graham Mackay, COO and actuary of Blue Ocean Solutions and chairperson of the Cayman International Reinsurance Companies Association (CIRCA), led a compelling panel discussion on this topic. The panel featured industry leaders like Fearghal O’Riordan of North End Re, Jacob MacAdam from Appleby, Greenlight Re’s Regan Cairns, and Suzanne Sadlier of Artex Risk Solutions (Cayman).

CIRCA’s Role and Vision

Mackay emphasized that CIRCA’s inception was driven by the burgeoning interest in Cayman’s reinsurance sector. The association represents reinsurers’ interests, working closely with IMAC to foster a supportive community for these entities.

Record Applications and the Attraction to Cayman

2023 is poised to set a record in reinsurance applications, as noted by MacAdam. The panel attributed this influx to several factors:

  • Service Provider Ecosystem: The island boasts a robust network of service providers catering to diverse business needs.
  • Political Stability and Economic Climate: These aspects create a conducive environment for international business and investments.
  • Infrastructure and Access: The saying ‘if you build it, they will come’ holds true for Cayman. With excellent facilities, good schools, and proximity to the US, Cayman is an attractive relocation destination.
  • Business-Friendly Policies: The Caymanian Government’s policies are well-received within the business community, fostering trust and cooperation.
  • Sensible Regulation: Cayman’s regulatory framework is seen as balanced and reasonable, ensuring a safe and structured business environment.

The Responsibility of Reinsurers

An important caveat discussed by the panel pertains to the responsibilities of reinsurance companies. Firms looking to establish in Cayman must ensure they are properly set up and collateralized to meet the regulated requirements.

The Cayman Islands are rapidly evolving into a global hub for reinsurance. The combination of a supportive ecosystem, stable governance, and strategic location makes it an ideal choice for reinsurers looking to expand their global footprint.

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Fevi Yu, Web Administrator

A frequent visitor to the Cayman Islands with extensive knowledge of the local business environment. As a web and content curator, Fevi serves numerous clients across various industries in the Cayman Islands.