Local business in brief: Ogier donates $30,000 to Meals on Wheels

Ogier has given $30,000 to Meals on Wheels in Cayman to assist the charity in its plans to open a new kitchen to provide free hot meals to seniors and the housebound in the West Bay area.

The new kitchen is planned in response to the waiting list of 150 people requiring Meals on Wheels’ services in Cayman, the majority of whom live in the West Bay area. The charity also plans to develop the space into a community center to host social gatherings for seniors and others experiencing social isolation.

“We are thrilled to receive this generous donation from Ogier for the West Bay Kitchen,” said Erin Bodden, general manager of Meals on Wheels.

“When I took up the post as general manager for Meals on Wheels just six weeks ago, it was overwhelming to learn of this waiting list. Receiving this significant donation is such an encouragement, and a huge step forward on the development of our West Bay kitchen.

“We thank Ogier for joining the Meals on Wheels fight to ensure that no senior goes hungry in the Cayman Islands.”

Teams of Ogier volunteers will also help paint the center and clear the yard in the build-up to its opening. “We’re pleased to be able to support Meals on Wheels in expanding their community services into the West Bay area,” said Ogier Partner Giorgio Subiotto.

“The charity not only presents a lifeline for the elderly and housebound in terms of providing nutritious meals, the volunteers also provide companionship and a friendly face which in itself is invaluable.”

A.M. Best affirms financial strength ratings for Island Heritage

Rating agency A.M. Best has affirmed its financial strength rating of A (Excellent) for Island Heritage Insurance Company alongside the financial strength ratings of all main insurance operating companies of parent company BF&M Limited.

BF&M General Insurance Company Limited (Bermuda), BF&M Life Insurance Company Limited (Bermuda) and Island Heritage Insurance Company Ltd (Cayman) all continue to be rated A (Excellent). Insurance Corporation of Barbados Limited maintained its A- (Excellent) rating.

A.M. Best cited the companies’ strong risk-adjusted capitalization, a long-term trend of shareholder equity growth, and favorable earnings resulting from the companies’ strategy of diversification by geography and lines of business as factors in its evaluation.

John Wight, president and chief executive officer of BF&M Limited, said, “These ratings remain the strongest of any domestic insurance group operating in the Caribbean. They are particularly meaningful having been issued following the unprecedented storm activity across the Caribbean region.”

Francis Arana

Seminar on new Anti-Money Laundering regulations on Nov. 9

Consulting firm FTS is organizing a seminar on Nov. 9 on the revised Anti-Money Laundering regulations that came into effect earlier this month.

The seminar will feature Francis Arana, head of the Anti-Money Laundering Unit in the Attorney General’s Chambers, together with local regulatory expert Paul Byles.

Mr. Arana will provide a summary of the changes made in the AML Regulations (2017) and the rationale behind those changes. Mr. Byles will speak on the implications that these changes will have on firms’ internal systems and procedures.

“I am very pleased to take the opportunity to represent the Anti-Money Laundering on this educational initiative which will help industry professionals to better understand the changes recently made to enhance our anti-money laundering framework,” Mr. Arana said.

Mr. Byles said, “The changes partly reflect the increased focus on firms taking a more risk-based approach towards fighting money laundering and the financing of terrorism, which is a more effective approach to fighting financial crime.”

The event will be hosted at The Brasserie’s Willow House Conference Room from 9 a.m. to 11:30 a.m. on Thursday, Nov. 9, 2017.

Persons interested in registering should visit www.ftscayman.com.

Trinity renamed to Mainstream Fund Services

Mainstream Fund Services (Ireland) Limited and Mainstream Fund Services (Cayman) Limited are the new names for Trinity Fund Administration Limited and Trinity Fund Administration (Cayman) Ltd following their integration into Mainstream Group Holdings Limited.

The Australian fund administrator acquired Trinity Fund Administration in Ireland and the Cayman Islands earlier this year.

All of Trinity’s employees have joined Mainstream, with founder John McCann appointed CEO, Europe and Cayman, for the group.

As of September, Mainstream provided administration services to 719 funds with assets in excess of AUD$123 billion, supporting over 105,000 investors and employing more than 217 people.

Sheena Thompson

Intertrust announces senior Private Wealth appointment

Corporate and fund services provider Intertrust has appointed Sheena Thompson to be responsible for leading the private wealth service line in Cayman.

She joins Intertrust from SMP Partners Caribbean, formerly RBC Wealth Management Caribbean, where she was regional head, Operational Risk Management, Caribbean.

Her diverse career at RBC in Cayman spans 20 years of working in wealth management, trusts, compliance and operational risk management in Cayman and across the Caribbean. Before joining Royal Bank of Canada Trust Company in Cayman in 1997, Ms. Thompson worked at Coutts in Cayman.

Colin MacKay, Intertrust’s Cayman managing director, said, “Sheena has spent her career to date working within the private wealth sector in Cayman, and as such brings an in-depth understanding and expertise in both the sector and jurisdiction.”

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