The Cayman Islands Reinsurance Companies Association (CIRCA), in partnership with Cayman Finance and the Insurance Managers Association of Cayman (IMAC), hosted a highly successful Reinsurance Roundtable Breakfast last week at the prestigious Harvard Club in New York City. The event, which attracted nearly 200 attendees, brought together a strong delegation from the Cayman Islands, alongside key representatives from the US reinsurance industry, to discuss the jurisdiction’s growing reputation as a leading hub for reinsurance. 

Steve McIntosh, CEO of Cayman Finance, served as the Master of Ceremonies (MC) and also moderated the panel titled “Why Cayman”. In his opening remarks, McIntosh highlighted the extraordinary growth of Cayman’s reinsurance sector: “The reinsurance sector in Cayman is experiencing extraordinary growth, bolstered by political stability, a favorable regulatory environment, and our position as a global financial hub.” 

In his remarks, David Self, Chair of CIRCA, emphasised the importance of the collaboration between public and private sectors in the Cayman Islands, stating, “The growth we are seeing is the result of a strong collaboration between the private sector, the Cayman Islands Government, and CIMA. Our ability to work together effectively is truly the secret behind our success.” 

The keynote address was delivered by Cayman Islands Deputy Premier André Ebanks, who reaffirmed the Cayman Islands Government’s commitment to the Cayman Islands being a globally respected financial services centre of excellence and innovation.  

“Our Government recognises the instrumental, sound role reinsurance has in global markets; and recognises the intrinsic link forming with institutional investors, such as private equity fund vehicles that are well-regulated in the Cayman Islands. As a result, the Cayman Islands presents a viable, innovative, compliant centre for reinsurance business,” he said. 

Kara Ebanks, Head of Insurance Supervision at CIMA, echoed these sentiments in her presentation on regulatory updates, emphasizing the regulatory strength of the Cayman Islands. “The Cayman Islands continues to set the standard for regulatory excellence in the reinsurance industry. Our proactive and transparent approach ensures that companies can operate with confidence, knowing they are in a jurisdiction that prioritizes both innovation and compliance with international standards,” she said. 

The event also featured two insightful panel discussions: 

“Why Cayman” moderated by Steve McIntosh (CEO, Cayman Finance), with panelists:
Elena Coyle, Partner at Skadden
Ruwan Jayasekera, COO of Blue Ocean Reinsurance Group
Peter McKelvy, CEO of Northern Re 

The panelists provided valuable insights into why Cayman is an attractive location for global reinsurance companies. 

“Setting Up a Reinsurer in Cayman” moderated by Derek Stenson, Partner at Conyers, with panelists:
John Forni, Managing Director, Grant Thornton
Rob Hou, CEO, Third Point Re
Kieran Mehigan, Chair, Insurance Managers Association of Cayman 

This panel delved into the practical aspects of establishing reinsurance operations in Cayman, offering attendees a comprehensive overview of the processes involved and the jurisdiction’s advantages for new entrants. 

Attendees were encouraged to continue the dialogue at upcoming events, including CIRCA’s flagship event, ReConnect 2025, scheduled for April 10-11, 2025, in the Cayman Islands,  and IMAC’s Cayman Captive Forum, taking place from December 3-5, 2024, which is recognized as the world’s largest gathering of captive owners and service providers, attracting nearly 1,500 attendees annually.