Contributorsto Captive Insurance Industry Honoured at IBC's Annual Forum
The honouredcontributors to the Local Captive Insurance Industry pose withan official along with Financial Secretary Hon. George McCarthyat right
The IBC's 7th Annual Executive Forum onCaptives was held in Cayman recently at the Marriott Beach Resort.
The four-day event was attended by over200 insurance industry executives and speeches were made by H.E.Governor Peter J. Smith, CBE; Head of Insurance, Cayman IslandsMonetary Authority, Gordon Rowell; and Chairman of the CaymanInsurance Managers Association, Tom Clark.
A highlight of the conference was Cayman'srecognition of three major contributors to the local captive insuranceindustry, Messrs. Bill Cassetta, Tom Hermes, and Tom Jones, allprincipals in prominent U.S. firms.
On hand to make the presentation on Governmentand private sector's behalf was the Hon. Financial Secretary,George McCarthy who expressed his appreciation for the businessmen'songoing support of Cayman's insurance industry. "The CaymanIslands Government is well aware of, and appreciates the factthat in an increasingly competitive global market, there are manyviable options available to the astute investor" he said.
"Therefore, we value the confidencethat you have placed in our jurisdiction, evidenced by the sustained,successful partnership that you have developed with our localinsurance community over the years."
A similar ceremony also took place in Octoberat the 2001 American Society for Healthcare Risk Management AnnualConference and Exhibition (ASHRM) in Boston where Tom Clark presentedgifts on Government's behalf. He explained how the three individualshave been instrumental in advising their clients regarding theformation and ongoing operation of their Cayman Islands captivesover the past 20 years, saying, "Their clients value theexpertise and knowledge that they provide and their ability toexplain complicated issues in a way that facilitates their decision-making."
Cayman is the jurisdiction of choice for534 captives writing over $3 Billion in premiums and totaling$15 Billion in assets, making it the second largest domicile forcaptives and the leading jurisdiction for healthcare-related captives.