A cross-section of Cayman’s captive insurance industry worked together to showcase the benefits of establishing captives in the Cayman Islands at the 25th Annual American Society for Healthcare Risk Management conference held from 23 to 26 October in San Antonio, Texas.
Several representatives from a variety of private sector firms, senior leadership from the Insurance Managers’ Association of Cayman, the Cayman Islands Monetary Authority, the Cayman Islands Investment Bureau and the Portfolio of Finance & Economics were all on hand to support outreach and relationship building with current and existing clients, states a press release.
Mr. Osbourne Bodden, MLA, was the Leader of Government Business’ representative and took time at a special reception to express the Cayman Islands commitment to and appreciation for the captive insurance industry.
Mr Bodden is a familiar face in Cayman’s insurance industry based on his 20-year career in financial services, many of which were spent in the insurance sector, prior to becoming an entrepreneur.
The ASHRM annual conference, which this year included 2,000 attendees from across the U.S., is of particular significance to Cayman’s industry as more than half of the 700 captive insurance entities domiciled in the Cayman Islands are in the healthcare-related area.
They span such areas as workers’ compensation, professional liability and healthcare service delivery. Equally important is the fact that more than 75 per cent of Cayman captives are U.S.-based. The Cayman Islands has been an active participant in ASHRM since 1996.
Cayman’s captive industry has continued to grow steadily over the past number of years having posted annual growth of approximately 8 per cent during 2003 and 2004. The Cayman Islands is now considered one of the world’s leading domiciles for captive insurance.
ASHRM is a personal membership group of the American Hospital Association with more than 4,700 members representing health care, insurance, law and other related professions.
ASHRM promotes effective and innovative risk management strategies and professional leadership through education, recognition, advocacy, publications, networking and interactions with leading health care organisations and government agencies.