The Cayman government this week elaborated on April's budget address, in which Leader of Government Business, Kurt Tibbetts announced measures that will be taken during the 2008/09 fiscal year to further develop the reinsurance sector in the Cayman Islands.
The measures announced earlier this year, and restated this week, are based on recommendations submitted to Government on 23rd April 2008 by the Reinsurance Task Force (RTF).
The RTF's recommendations focused on promoting commercial certainty for prospective reinsurance firms, specifically through provisions in Immigration Law via the business staffing plan regime, as well as progressive approaches to the regulation of reinsurance companies in Insurance Law.
The RTF also recommended that reinsurance firms who wished to take advantage of Cayman as a location enter into a "social contract" with the government on career, education and training opportunities for Caymanians, reflecting a partnership approach to joining the Cayman Islands financial services community.
The RTF comprises senior and experienced figures in the Cayman Islands insurance industry familiar with the reinsurance sector, including: Dan MacLean, managing director, Aon Insurance Managers (Cayman) Ltd., Dan Scott, managing partner, Ernst & Young (Cayman), Seamus Tivnan, director, Strategic Risk Solutions (Cayman) Ltd., Bart Hedges and Len Goldberg, respectively president and chief underwriting officer and chief executive officer, Greenlight Reinsurance and Bryan Murphy, director and vice chairman, Island Heritage Holdings Ltd.
The RTF also includes two members from Government's Financial Services Council: Anton Duckworth, partner, Charles Adams Ritchie & Duckworth and Deborah Drummond, deputy financial secretary (Financial Services).
The government has welcomed the RTF's offer to support the roll-out of the recommendations, and will announce further details on how these measures will be put into action as they are finalized.
"The reinsurance business plays to Cayman's natural strengths," commented Alden McLaughlin, Minister for International Financial Services Policy.
He pointed to Cayman's institutional business specialisation, including a vibrant insurance sector; existing professional infrastructure; experience in reinsurance products (sidecars and catastrophe bonds), and the presence of the hedge fund industry – a natural source of capital for reinsurers.
"We hope to attract industry partners who recognise our strengths and want to grow their reinsurance business in a conducive location," added Minister McLaughlin, going on to conclude:
"We also want to attract firms who will generate substantial activity for and in our financial services sector and who are willing to provide new careers and training opportunities for Caymanians."
A comprehensive report in our Intelligence Report series looking at offshore insurance is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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