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(CNS): The reinsurance sector in Cayman is thriving, according to Graham Mackay, the chairman of the Cayman International Reinsurance Companies Association. Mackay was one of a number of local delegates who took part last week in the annual New York breakfast briefing, the first after a three-year hiatus due to the pandemic, hosted by representatives of the Cayman Islands financial services industry.
Following the breakfast, an expanded Cayman Finance Reinsurance Roundtable event focused on updates from the Cayman reinsurance sector and the benefits of doing business here.
“The reinsurance industry in Cayman is thriving, and we are proud to have this opportunity to showcase the benefits of the Cayman Islands to the reinsurance sector in New York,” Mackay said.
But his comments come just two weeks after the Cayman Islands Insurance Association (CIIA) confirmed that customers in the Cayman Islands could expect their insurance premiums to go up this year by as much as 30% with rationed cover, mainly due to reinsurance issues. “Insurers will need to increase rates to cover the increased cost of reinsurance. Along with these increases many insurers will effectively be rationing the coverage offered as less insurance capacity is available,” the association had said.
However, local experts have explained that the successful registration of reinsurance firms in the Cayman Islands is unrelated to the increase in premiums and the growth comes mainly from the life and annuity fields with few registered firms doing business with local companies.
According to Cayman Finance CEO Steve McIntosh, the breakfast and roundtable event demonstrated the strength of the partnership between the government and the industry and their commitment to ensuring the growth of the financial services industry.
In his keynote address at the breakfast event, Minister Ebanks noted the importance of New York City to the continued success of the industry. “The New York-Cayman Islands relationship supports the vitality of the financial services industries in the US, and in our Islands,” he noted.
He said that taking friends for breakfast allowed them to reaffirm that friendship, find out what’s new and share plans. “It’s been three years since we’ve held this briefing, and I’m delighted that we are back in New York to check in with each other and to continue moving sound business forward,” he said.
The breakfast briefing was attended by over 150 representatives from a wide cross-section of the financial services industry, with close to 45 travelling from Cayman. It was hosted by Cayman Finance, in partnership with the Ministry of Financial Services and Commerce, the Cayman Islands Monetary Authority (CIMA), the Cayman International Reinsurance Association (CIRCA), and members of the financial services industry. The event was held at the Harvard Club and provided an opportunity for participants to network and hear updates from Government and CIMA.
While in New York, the Cayman delegation also took part in a variety of meetings with key industry stakeholders. Afterwards, the Cayman delegation moved on to Washington DC to formally open the CIG office there, which is being headed up by Chris Duggan.
Cayman Finance said it would be partnering with the Cayman Islands Government and other organisations to host additional international events in 2023.
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