AIMA course highlights captives basics

The Insurance Managers of Cayman’s
Education Committee recently put together a six week course at the University
College of the Cayman Islands.

Recognizing the important role the
captive insurance industry plays in Cayman’s financial services industry, the
Captives Basics course was presented by recognised leaders within Cayman’s
financial services industry to serve as a foundation for further study toward a
professional designation within the field.

“This course offers a unique
opportunity for all those who attended,” said Vice Chair of the IMAC Education
Committee John Pitcairn.

“Each participant will receive a
certificate upon completion, and the course serves as a foundation for the
Associate in Captive Insurance professional designation which is available
through the International Centre for Captive Insurance Education.”

Topics included ‘Understanding Risk
and Risk Retention Mechanisms’, ‘Underwriting and Claims Reserving’ and ‘How captives

Pauline McGettigan, an
administration manager with Bastion Life Insurance SPC Limited, attended the
course and found it to be enjoyable and informative.

“I would say it is aimed at people
who have been working in the industry for one to two years. The presentations
are professional and lively and overall the course gives a good understanding
of why captives are used, how they’re set up, how they work and how they’re
regulated,” she said.

She also said that attendance was
high, justifying the need for such a course.

Another attendee, Barbara
Oosterwyk, an account manager with Marsh Management Services Cayman Ltd, was
equally enthusiastic.

“The course delivers a basic
overview of captive insurance and risk. 
It is a great course for someone who is new to the captive business or
for someone who wants to understand the captive market.  I find the topic fascinating and very
interesting. Whoever said insurance was boring does not understand captives!”

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