Business in Brief: Captive delegation represents Cayman at RIMS

Dozens of representatives from Cayman’s captive insurance industry, including the Insurance Managers Association of Cayman, government officials, the Cayman Islands Monetary Authority, and Cayman Finance represented the jurisdiction at the annual Risk and Insurance Management Society conference in San Diego, California.

They spoke to delegates on how Cayman captive insurance companies can play a pivotal role in the risk taking and risk financing objectives of business.

The more than 30 professionals from Cayman’s captive insurance industry were joined by Minister of Financial Services Wayne Panton; Andre Ebanks, senior legislative policy adviser; Jude Scott, CEO of Cayman Finance, and from CIMA, managing director Cindy Scotland, Jennifer Smith and Ruwan Jayasekera.

IMAC played host to a special interactive event for a select group of captive owners and advisers, where the aforementioned government officials, CIMA, Cayman Finance and IMAC executive members provided an update on the current status of Cayman’s captive insurance management industry, as well as its nascent commercial insurance and reinsurance industry.

IMAC chairman Kieran O’Mahony said, “We are absolutely thrilled to have Minister Panton and Ms. Scotland support our efforts in growing Cayman’s brand and footprint.

“We put our best foot forward each year at the RIMS conference because it provides us an ideal opportunity not only to talk to people about why Cayman could be an ideal domicile for their captive, their insurance, their reinsurance or their life and annuity carrier. We are there also to listen carefully to what our clients and contacts are seeing on their side of the risk table.

“IMAC takes its role as the liaison between the industry and government and CIMA seriously because it is through this communication that we are able to ensure that Cayman is competitive, relevant and remains at the top of the list of captive and alternative risk transfer vehicle domiciles.”

Eric Wilson
Eric Wilson

CIMA appoints head of Fiduciary Division

Cayman Islands Monetary Authority appointed Eric Wilson as deputy head of its Fiduciary Services Division. With oversight from the head of the division, he will manage the day-to-day operations of the unit.

Prior to joining the authority, Mr. Wilson was employed with CIBC Bank and Trust Company (Cayman) Limited (CIBC) from 1999 through 2009.

During this time, he served as a junior fund accountant, fund accountant, senior fund accountant and account manager in the bank’s Fund Services Department.

Six new partners at Campbells in Cayman and Hong Kong

Offshore law firm Campbells announced the appointment of six partners in its Cayman Islands and Hong Kong offices.

Marianne Rajic will join the firm’s Investment Funds and Corporate and Finance Group in Campbells’ Hong Kong office as a partner later this month. She was previously a partner with Walkers in the British Virgin Islands.

“We are delighted to welcome someone of Marianne’s caliber to our new Hong Kong office, and this key hire serves to demonstrate our commitment to growth and development in the Asian market,” said Ross McDonough, senior partner and managing partner, Hong Kong.

Rhonda Laws, who worked with Campbells in the Cayman Islands for more than seven years, will also be joining the group as counsel.

In addition, Campbells has promoted five lawyers to partner in its Cayman Islands office: Andrew Pullinger in the Litigation, Insolvency and Restructuring Group; Richard Spencer, Mark Adams and Simon Thomas in the Investment Funds and Corporate and Finance Group; and Lily Lee in the Property and Local Practice Group.

DMS wins Hedgeweek award

Hedgeweek named fund governance firm DMS Offshore Investment Services Best Offshore Regulatory Advisory Firm for the third year in a row at the publisher’s annual Hedgeweek Global Awards.

DMS CEO Anne Storie said that with ever-changing regulations in the fund industry, DMS has stayed ahead of the curve in finding solutions that enable clients to focus on core services without having to worry about their regulatory and compliance needs.

Hedgeweek editor James Williams presents the award to Samantha Fletcher-Watts, director and head of compliance at DMS.
Hedgeweek editor James Williams presents the award to Samantha Fletcher-Watts, director and head of compliance at DMS.

“To have been voted Best Offshore Regulatory Advisory Firm for three consecutive years is a significant recognition from our clients and reflects the confidence they place in us to provide solutions in the fund governance sphere,” Ms. Storie said.

The Hedgeweek awards recognize excellence among hedge fund managers and service providers around the world and are based on a “peer review system.” Readers select a “best in class” in a series of categories via an online survey.

CFA Society wins excellence award

The CFA Society Cayman Islands, has been recognized by CFA Institute, a global association of investment professionals, as the 2015 recipient of the Ethics Award.

The award recognizes the work and dedication shown by the society in its ethics and advocacy related initiatives.

Highlights of the CFA Society’s initiatives include the launch of financial radio show “Money Sense,” providing ethics training to regulators and pension trustees, encouraging regulators to partake in the Regulator Scholarship Program and advancing the adoption of the Pension Plan Trustee Code of Professional Conduct by three multi-employer pension plans.

“The Society Excellence Awards program gives CFA Institute the opportunity to recognize the hard work and commitment that our global network of societies demonstrates,” said Emily Dunbar, head of Global Society Relations. “With 146 societies in 71 countries, CFA Institute is thankful for the thousands of CFA charterholders that contribute their time and skills to making our organization the professional body that leaves such deep footprints in the investment world.”

The CFA Institute Society Excellence Awards Program was established in 2006 to identify and reward efforts of individual societies or societies in partnership with one another in their operations and the delivery of value to the investment professionals they represent. This year, there were 96 entries submitted globally in various categories, representing 41 societies.

“We are honored to receive the Society Excellence Ethics Award this year,” said Monique Frederick, president of CFA Society Cayman Islands. “As a local member society of CFA Institute, we are dedicated in our efforts to serve members and promote the highest standards of ethics, education, and professional excellence. We are proud of the recognition shown by CFA Institute for our commitment to supporting the organization’s mission.”

In May, CFA Society Cayman Islands hosted an educational and networking event for Putting Investors First Month, part of the CFA Institute Future of Finance initiative. The event featured speaker and author, Carl Richards, who discussed the importance of retirement savings and told the 150 attendees how to approach financial planning.