Knighthead Annuity & Life Assurance Company has hired Richard Andrews as business development specialist.
Mr. Andrews joins Knighthead Annuity after over 10 years in the financial services industry. Most recently, he worked at Cayman National Securities.
Mr. Andrews has a well-established history of providing clients and advisers with outstanding service and is fluent in both English and Spanish. Mr. Andrews is a graduate of John Gray High School and attended the University College of the Cayman Islands.
Gary Dombowsky, chief executive officer of Knighthead Annuity said: “We are thrilled to welcome Richard. His knowledge of the financial industry and relationship building abilities make him immediately additive to the company and the Cayman office. Richard will be instrumental in ensuring a high level of support for our partners and clients.”
IMAC: Positive year for insurance company formations
The Cayman Islands insurance industry has seen 23 new insurance licenses issued in the first three quarters of this year. In the third quarter, the Cayman Islands Monetary Authority issued seven new Class B formations which include two third-party insurers. For the year to date, CIMA issued 20 Class B licenses, including 11 third party insurers, and three Class C licenses.
This follows on from a strong year in 2016 with 39 new insurance licenses.
IMAC Chair, Linda Haddleton, said “The picture so far in 2017 continues to look positive and is expected to improve further as we move into the fourth quarter, which is traditionally the busiest season for new formations. As a result, Cayman looks on track to repeat the success of 2016. This is rewarding news for the jurisdiction and demonstrates the continued confidence in the Cayman Islands as a jurisdiction.”
She highlighted the number of new captive insurers that write third-party business as an indication that the diversity of Cayman licensees continues to develop.
“[It] shows the undoubted strength of innovation in the Cayman Islands market and the ability to create alternative risk financing solutions,” Ms. Haddleton added.
“Given the range of well-established sectors in our financial services industry, the Cayman Islands is well positioned to facilitate global business of an insurance nature,” she added. “This may represent the higher risk end of the spectrum for our industry, but this is where the priority to quality over quantity that is the hallmark of the Cayman Islands Insurance Industry will influence success.”
Promotions at Appleby
Appleby recently promoted Caymanian attorney Liesl Richter to the position of counsel, following a round of promotions across its global offices. She will assume more of a leadership role within the Corporate practice group at Appleby, where she focuses on structured finance, subscription finance, corporate finance, mergers and acquisitions, public and private offerings of debt and equity and general aspects of corporate law.
“A key element of Appleby’s culture is ensuring that people have clear routes to progress their careers, so I am very pleased to announce Liesl’s promotion to counsel. Over a number of years, she has advised our clients in some of our most successful practices and sectors, demonstrating drive, innovation and commitment,” said Bryan Hunter, Cayman managing partner and head of Corporate.
“We are also pleased to recognize Caroline Barton, a Partner in the Corporate practice group, who has recently been named group head of Banking & Asset Finance, as well as group head of Transport and Logistics,” added Mr. Hunter.
Caroline was promoted to Partner in January, 2016. Her practice at Appleby includes private equity, asset finance, corporate finance, bond offerings and structured finance. She is involved in aircraft and vessel financing, subscription financing and CLOs, and now has a global role across the firm’s 10 offices.
EY named accounting firm of the year at Reactions North America
Accounting and consulting firm EY has received the “Accounting Firm of the Year” accolade at the Reactions North America Awards. Reactions, launched in 1981, is a publication focused on the global insurance and reinsurance market. The awards honor the achievements of companies to help raise standards across the industry.
David Brown, senior partner of EY Bermuda Ltd. and Regional Insurance Leader for Bermuda, Bahamas, the Cayman Islands and British Virgin Islands, accepted the award at the awards ceremony in New York on Sept. 28.
In addition to the presentation of awards, the dinner included discussions about the effect of macroeconomic trends in the re/insurance market, key opportunities and risks in the market, as well as innovation and the emergence of insurtech.
Tower wins two Chamber Business Excellence Awards
Strategic marketing and communications agency, Tower, was awarded Small Business of the Year, and Marketing Campaign of the Year at the Cayman Islands Chamber of Commerce Business Excellence Awards on Saturday night. The agency also received an Award of Excellence for its Share the Road campaign in the Community Service Project of the Year category.
“As Tower has just celebrated its 18th birthday, the timing couldn’t be better to celebrate these awards,” said managing director Lynne Byles. “They are a testament to our talented team who bring creative ideas and strategic work on behalf of our clients every day.”
Tower received The Marketing Campaign of the Year award for its work for Taste of Cayman 2017. The campaign included digital, print, radio and TV advertising, media relations, social media marketing, outdoor marketing and community engagement.
CIMPA 2017 Marketing Awards nominations announced
The Cayman Islands Marketing Professionals Association’s 2017 Marketing Awards has announced the top nominations in each of the eight Marketing Award categories. Winners will be announced at an awards ceremony and dinner on Nov. 3.
CIMPA’s three independent, international judges reviewed more than 40 submissions to decide the top nominations in each category.
The biannual awards recognize some of the best local marketing campaigns from Jan. 1, 2015 to Dec. 31, 2016 and celebrate the creativity, innovation and talent of the Islands’ marketing firms and individuals.
This year’s judges included Chris Logsdon, creative director at VaynerMedia; Rodrigo Butori, executive creative director at ad agency the community; and Anthony Atkinson, Group Creative Director at Leo Burnett Canada.
“The record number of submissions across an increasingly diverse range of industries highlights the strong caliber of marketing in the Cayman Islands that is keeping pace with a fast-moving global industry,” said Laura Skec, CIMPA chairman. “We are now gearing up for a fantastic evening event and can’t wait to toast all who submitted to this year’s awards, and celebrate the night’s winners, at our awards ceremony next month.”
Tickets are now on sale for the 2017 Marketing Awards Ceremony at the Grand Cayman Marriott Beach Resort on Nov. 3. Tickets are $150 per person or $1,250 for a table of 10 and include welcome cocktails courtesy of Tito’s Vodka, a three-course dinner, dancing and entertainment. More information about the awards and the nominees is available on the CIMPA website.