CI insurance sector thrives

More than 30 private sector and government delegates attended the recent American Society of Health Risk Managers conference in Denver, Colorado.

According to a Ministry of Financial Services release, the Cayman Islands Government delegation consisted of officials from the Cayman Islands Monetary Authority and the Ministry of Financial Services, led by Deputy Chief Officer for the Ministry of Financial Services Mr. Samuel Rose.

The government hosted its traditional network reception, where Mr. Rose welcomed invitees from many different organisations and spoke briefly about Cayman’s growing captive insurance industry.

‘The Cayman Islands captive insurance sector has become a fixture of our financial services offerings, growing significantly from the first structures set up in the late 1970s to just over 785 captives, writing US$8.0 billion in premiums with total assets under management just over $40.2 billion,’ he said.

Mr. Rose acknowledged that Cayman captive structures are helping many organisations manage risk and provide health and benefits coverage to individuals and businesses based in communities across the US.

Cayman’s participation in the two-day international conference was jointly sponsored by the Insurance Managers Association of Cayman and the Cayman Islands Government.