The Cayman Islands captive insurance industry has launched a new brand to promote its integrity and transparency in international markets with the tagline, “Cayman Islands. Clearly Better Business”.
Using images of Cayman’s business environment that denote transparency and openness, the new brand and tagline illustrates the high quality professionalism that has attributed to Cayman being a well-established international financial centre, the Insurance Managers Association of Cayman said in a statement.
Rob Leadbetter, chairman of the Insurance Managers Association of Cayman, the sponsors of the new brand, clarified the reasoning behind the branding exercise.
“We are well aware that we are operating in an increasingly competitive and mobile market and although Cayman is one of the world’s largest insurance domiciles, we do not have the luxury of complacency,” he said. “Our audience is sophisticated and professional and we need to be communicating with them in a sophisticated and professional manner.”
The new brand will be rolled out at RIMS 2013, one of the leading risk management conferences, which is held this year in Los Angeles, California from 21 to 24 April. IMAC representatives will be available at booth No. 221 to discuss the benefits of establishing a captive in the Cayman Islands, including its appropriate, business friendly regulation, the well-established infrastructure including world-class service providers and its transparent, open approach to business, the association said in a statement.
Fountainhead Business Development, a Cayman-based marketing agency, was selected to provide the creative strategy behind the brand because of their in-depth knowledge of Cayman’s financial services industry and the international markets that Cayman services. Denise Gower, managing director, said it is no secret that Cayman is not often well-represented in the mainstream media despite the jurisdiction’s high standards of compliance with international regulatory initiatives and its sound legal and regulatory regime. “We wanted this new brand to hit these misperceptions head on,” she said.
The latest Global Forum Peer Review report by the Organisation for Economic Cooperation and Development confirmed Cayman’s robust and transparent legal and regulatory regime that the new branding aims to highlight.
“Cayman has a solid legal and regulatory framework that is based on a platform of tax transparency and the provision of a stable and responsive business environment,” Mr. Leadbetter said. “I can only hope that the commendations in this report will be heard far and wide and people will start to understand that Cayman is a successful international financial centre because of this high level of compliance and infrastructure”.
The report commends Cayman’s financial industry for its clear and efficient system for releasing information and noted the quality of its cooperation and speedy responses to exchange of information requests. The report also found Cayman’s exchange of information process to be well organised, resourced and adequately staffed with knowledgeable personnel.