Cayman Islands captive insurance manager Kensington Management Group has appointed Erin Brosnihan president of the full-service management firm, replacing industry veteran Michael Gibbs, who is retiring at the end of 2020.
Brosnihan has 21 years of experience as a chartered accountant and 19 years of working with captives at Kensington. She currently serves as executive vice president of Kensington with responsibility for client services and professional staff training and development.
She is a past chair of the Insurance Managers Association of Cayman and now represents Kensington on IMAC’s executive committee.
“Erin and the whole Kensington team are more than ready for this new challenge, and the transition will be seamless thanks to Erin’s 19 year tenure with the firm and exceptional experience in the captive space,” said Gibbs in a press release.
“I am exceedingly proud of each member of the Kensington team and even more so that it is 78% Caymanian or Permanent Resident. It has been an honour and a privilege to work alongside each of them and I look forward to following their successes, both individual and collective, in the years to come,” he added.
Gibbs, who was instrumental in the establishment of Kensington, is a Fellow of the Institute of Chartered Accountants with nearly 40 years of experience in the offshore financial industry. He is also a past chair of IMAC and served on its executive committee for 12 years.
Gibbs will begin his term as president of the Cayman Islands Chamber of Commerce in 2021.
The change in leadership comes 21 years after Kensington started operations on 1 Oct. 1999 as a subsidiary of Mutual Risk Management. In 2002, the management team of Chicago-based Captive Resources, Inc., which had merged with Mutual Risk Management in early 1999, negotiated a buy-back of CRI and Kensington from Mutual Risk Management.
The group’s portfolio consists of 42 group and single-parent captives that represent over 5,000 shareholder entities and US$2.8 billion of annual written premiums.
To commemorate its 21st anniversary, last week Kensington donated $21,000 to charity R3 Cayman Foundation, which was established in response to the hardship caused by the COVID-19 pandemic, and focusses on readiness, relief and recovery in the Cayman Islands.