Business in brief

Beacon Furniture rebrands 

Beacon has rebranded as Ashley Furniture. The Dorcy Drive store, now under the banner of the U.S. brand, celebrated its official opening recently with a ribbon-cutting ceremony. 

Ashley Furniture HomeStore is one of the largest furniture store brands in the world, with more than 560 locations.  

Local broker joins international real estate advisory board 

Local real estate owner and broker of International Realty Group Ltd. (IRG), Jeremy Hurst, has been invited to join the International Advisory Board for the global luxury network Leading Real Estate Companies of the World, also known as LeadingRE.  

More than 500 residential real estate firms are members of this luxury network, contributing to some of the world’s more prestigious homes for sale.  

The group has more than 120,000 sales associates in some 50 countries, and Mr. Hurst is one of only 10 advisory board members who provide an international perspective and governance to the network.  

Mr. Hurst has been a member of LeadingRE since 2002. “Being invited to join the International Advisory Board is quite an honor and I am happy to be representing the Cayman Islands at the global level. It will give me another opportunity to tell the world what a tremendous place Cayman is to live, work and invest in,” Mr. Hurst said. 

Fidelity Pension Plan adopts CFA governance code 

Fidelity Pension Plan has adopted the CFA Institute Code for Pension Governing and became the third pension provider that confirmed compliance with the governance standard. 

The Code of Conduct for Members of a Pension Scheme Governing Body highlights the trustees’ commitment to the best interests of the pension participants and beneficiaries. For participants, the code provides a benchmark of ethical conduct they should expect from the pension trustees and offers a greater level of confidence in organizations that adopt the code.  

“Individuals place significant trust in their pension plan trustees to safeguard and grow their assets for retirement,” said Monique Frederick, president of the CFA Society Cayman Islands. “With investor trust having been shaken by recent global market events, adopting the code clearly demonstrates the pledge of the trustees to the highest level of professional conduct while discharging their responsibilities to the plan.” 

The code of conduct is based on the ethical principles of CFA Institute and the CFA program. Compliance with the code requires that board members act with prudence and reasonable care; act with skill, competence, and diligence; maintain independence and objectivity by, among other actions, avoiding conflicts of interest, refraining from self-dealing, and refusing any gift that could reasonably be expected to affect their loyalty; deal fairly, objectively, and impartially with all participants and beneficiaries; and communicate with participants, beneficiaries, and supervisory authorities in a timely, accurate, and transparent manner.  

Enterprise City hosts IMA leadership meeting 

Cayman Enterprise City welcomed a delegation of tech industry professionals, in conjunction with the Internet Marketing Association, to Grand Cayman on April 9.  

The visit was the result of a partnership between CEC and the IMA, a leading global association for Internet, digital marketers and technology leaders with more than one million members worldwide in 117 countries.  

Last September, Premier McLaughlin was a keynote speaker and joined CEC’s management at the IMA annual conference in Las Vegas.  

“We are excited that our partnership with CEC has been taken to the next level by bringing leadership from American business interests to the Cayman Islands,” said Sinan Kanatsiz, chairman of IMA. “The IMA looks forward to creating more economic investment opportunities for CEC and appreciates all of CEC’s contributions to date. This trip has been so successful that we plan to co-host with CEC a much larger annual event in Cayman starting next year.”  

The visit included a series of tours and social events attended by Cayman Islands government representatives. 

Charlie Kirkconnell, Cayman Enterprise City CEO, said, “CEC wanted to share Cayman’s unbeatable hospitality and allow the delegates to see first-hand our ideal business jurisdiction and lifestyle. We are very appreciative of the premier’s and government’s support and involvement in this initiative, and the IMA visitors have left knowing that Cayman, with its first-rate infrastructure and zone concessions, is indeed an ideal place to set up international business operations. We expect some excellent deal flow as a result of these efforts.” 

Labor law training for Wyndham Reef Resort management 

To ensure understanding and compliance with local laws, management at the Wyndham Reef Resort Grand Cayman recently attended a training course on Cayman’s labor laws, presented by the Department of Labour and Pensions and led by the Department’s director, Mario Ebanks.  

Wyndham Reef Resort Director Charlie Thompson said appreciating Cayman’s labor laws is a high priority for the company. “We currently employ 91 staff to whom we, as management, owe due responsibility to ensure that we are all up to date on Cayman’s labor laws,” he said. 

“The Wyndham brand is world renowned for its high standards and being a great place to work. In fact, Wyndham has been named one of Fortune Magazine’s Most Admired Companies (2008-2010, 2012-2013) and this year it was named as the 2015 World’s Most Ethical Company.”  

Ian Kilpatrick receives highest captive industry award  

Ian Kilpatrick, founder of Advantage International Management, has received the captive insurance industry’s most prestigious award, the Captive Insurance Companies Association’s (CICA) Distinguished Service Award. 

Mr. Kilpatrick was presented with the award at the CICA 2015 International Conference by President Dennis Harwick, who said: “This award is given to someone who has contributed to the broader understanding of captives and has assisted in the growth and success of the industry; someone who has raised the reputation of the industry, promoted professionalism, creativity and ground-breaking ideas for the industry; someone who has taught others how to succeed; and someone who is an industry leader, whose opinions are respected. Ian Kilpatrick is all of those things. He is also one of the great characters of the captive insurance industry.” 

Among Mr. Kilpatrick’s achievements are being a founding member of the Insurance Managers Association of Cayman (IMAC), founding Crusader International Group of Companies, now Advantage International Holdings, which expanded from the Cayman Islands to South Carolina, Arizona and Washington, D.C., and serving as the captive industry’s voice in interfacing with the OECD. 

Mr. Kilpatrick said, “Naturally, I am delighted to have won the award and am humbled by it. I was fortunate enough early on and throughout my career to have had the very best teachers in the industry at a time when knowledge of captives was not as available as it is now.”