A panel on emerging regulatory trends at the [Re]Connect conference featured, from left, moderator Derek Stenson from Conyers; Kara Ebanks, head of CIMA’s Insurance Supervision Division; Kathy Belfi, KB Regulatory Solutions and Brad Mazur, AM Best.
The Cayman Islands hosted its first dedicated reinsurance conference, [Re]Connect, on April 18 and 19, marking a significant milestone in the global reinsurance landscape. Attended by nearly 450 delegates, with about half representing international entities, the event showcased the Cayman Islands’ emergence as a key player in the reinsurance sector.
The event, hosted by the Cayman International Reinsurance Companies Association (CIRCA), saw a remarkable turnout, with over 110 organisations represented by delegates, highlighting the widespread interest and engagement in the industry. The support extended to the event was further underscored by the participation of 30 sponsors, reflecting the industry’s commitment to fostering collaboration and innovation, CIRCA said in a press release.
Throughout the two days, attendees were treated to a dynamic programme featuring presentations and panel discussions, as well as networking events and exhibitions showcasing the latest innovations and offerings in the reinsurance sector. With over 20 exhibition booths, delegates had ample opportunities to engage with exhibitors and explore new avenues for collaboration, the reinsurance association said.
Panel discussions and presentations offered key insights and perspectives, shedding light on the developments that are propelling the Cayman Islands to the forefront of the global reinsurance landscape.
After welcome remarks from David C. Self, chair of the CIRCA board of directors and Steve McIntosh, CEO, Cayman Finance, Deputy Premier André M. Ebanks gave an inspirational presentation highlighting the 5 ‘seasons’ of the Cayman Islands, moving from the ‘land that time forgot’ to a country whose time is now.
Speaking about his day at the conference, the deputy premier said: “The inaugural [Re]Connect conference has been nothing short of phenomenal. With local and international speakers, insightful panels, and valuable information, today marks a significant milestone for the Cayman Islands. It’s clear that while reinsurance is not new to Cayman, a variety of factors have resulted in us becoming a very attractive jurisdiction.”
He said, “By supporting reinsurance opportunities we create jobs for our people, educational opportunities and career pathways for our youth, bolster philanthropic efforts and attract fresh talent that can assist with addressing current issues. This partnership between the private sector and government embodies the Cayman magic once again.”
During the “Emerging Regulatory Topics” panel, Kara Ebanks, Head of Division of the Insurance Supervision Division at the Cayman Islands Monetary Authority (CIMA) shared the significant step of Cayman’s application for NAIC Qualified Jurisdiction status, reassuring US regulators and bolstering the jurisdiction’s regulatory credentials.
The discussion on “Cayman: An Opportunity for InsurTechs” emphasised the need for continued innovation in the sector, underscoring Cayman’s commitment to embracing technological advancements and driving industry innovation.
The “Beyond the Boardroom” presentations offered a compelling narrative on Cayman’s appeal, showcasing its solid supporting infrastructure and reinforcing its status as a preferred destination for reinsurance operations.
The “Asset Managers’ Lens on Cayman” session featured a conversation between Paul Forestell of Brookfield Reinsurance and Raj Krishnan of Ares Insurance Solutions, exploring key characteristics of the reinsurance market that make it attractive generally and specifically in the Cayman Islands.
The diverse support ecosystem showcased throughout the day, encompassing life & annuity and property & casualty reinsurers as well as service providers further solidified Cayman’s position as a hub for reinsurance.
The conference also highlighted the approachability of the Cayman Islands Monetary Authority (CIMA) and its role in facilitating the establishment of entities, reaffirming the jurisdiction’s commitment to providing a supportive and conducive business environment.
“We are thrilled by the overwhelming success of the inaugural Re[Connect] conference,” said CIRCA Chair David Self. “The event not only showcased Cayman’s strengths as a leading reinsurance destination but also fostered meaningful dialogue and collaboration among industry stakeholders. We look forward to building on this momentum and further advancing Cayman’s position in the global reinsurance arena.”
For more information about [Re]Connect and CIRCA, please visit https://circa.ky/reconnect-conference/.
CIRCA thank all sponsors of [Re]Connect 2024. Premium sponsors of the conference were Cayman Finance, Camana Bay and the Ministry of Financial Services & Commerce. Other sponsors included Grant Thornton Cayman Islands, Knighthead Annuity & Life Assurance Company, Deloitte, IMAC, Marsh Management Services Cayman Ltd / OliverWyman, Milliman, PwC Cayman Islands, Walkers, New England Asset Management, Appleby, Talcott Financial Group, Aureum Re, Carey Olsen, CML, Conyers, KPMG, RAS Company, Expertise Group, Greenlight Re, Artex Risk Solutions, BDO, Butterfield, CIBC Re, Clarence George, EY, F&G Cayman Re Ltd., Maples Group, North End Re and WTW.
