CHAIRPERSON OF THE INSURANCE MANAGERS ASSOCIATION OF CAYMAN
As the Insurance Managers Association of Cayman adopts new branding for international marketing as Cayman International Insurance, it’s the same organisation working behind the scenes to represent the interests of the industry. IMAC Chair Erin Brosnihan speaks to Captive Insight.
With close to two decades of experience in the Cayman captive insurance industry, Erin Brosnihan has a useful perspective of why Cayman has been such a success story in alternative risk markets, as well in facing the newer challenges of increased regulation in a competitive environment.
As the 20th chairperson of the Insurance Managers Association of Cayman (IMAC), Erin is also keenly aware of the special role IMAC has played in this development, providing a shining example to other industry associations of the value of true collaboration and working together for common goals. While she represents Kensington Management Group, and has done since she joined in 2001, IMAC prides itself on its ability to put the industry and the jurisdiction first, regardless of corporate rivalry.
“We all want to generate business for our own companies, but we also recognise that the success of the domicile is critical to each of us. So it’s important that we work together and stand behind a consistent message to promote the qualities and strengths of our jurisdiction,“ she said.
Another key dimension of the organisation she intends to carry on, since starting her two year term in January 2018, is the important work of the various IMAC committees, which provide an excellent way for member companies and their employees to get involved in various industry activities in line with their particular skill set. “Some individuals are highly skilled at reviewing regulations and contribute in that way, while others have a talent and flair for planning fundraising events,” Brosnihan says. She adds that in addition to the 29 full members of the association, significant support also comes from the group’s associate members, stemming from the accounting, banking and legal field, alongside other service providers. “All our associate members contribute and support us in one way or another and do so in many different ways,” she says.
NEW LOOK FOR IMAC
One particularly notable event for the association both in terms of Erin’s current leadership and indeed as part of its 37-year history is the new look and name for the association. IMAC will remain intact as the association which liaises internally, with government and regulators to ensure compliance and that the interests of the industry are represented in the drafting of new legislation and guidance. Promotion of Cayman’s insurance industry globally will be under the new banner of Cayman International Insurance, with the tagline The Better Alternative.
“We’ve always excelled at informing the local industry about our strengths and successes but now it’s time to take that message to a global audience. We are ready to show the world that we have come together as a well rounded industry.
IMAC as an institution will still maintain its role, providing added value to members, liaising with CIMA and fighting back against negative press commentary. There is also an important role for education and training and we offer a great number of seminars such that our members can provide continuing education for their employees.
For this year’s Cayman Captive Forum, by far the largest industry gathering in the Cayman Islands, the focus remains on delivering the most relevant agenda and high calibre speakers. “At the end of the conference we solicit feedback from our members about the topics and speakers they want to hear about next year, in order to keep the agenda fresh and current“, she said. The most requested topics right now include medical stop loss, employee benefits, as well as the growing cyber threat. “People are also interested in the general state of the insurance market as well as trends on a global scale.“
When examining the state of the global captive market, the comparison is often drawn between the offshore jurisdictions, that have been in this business for decades, and the newer US domiciles that have more recently emerged.
For Brosnihan, Cayman has always been a trailblazer and the fact that the jurisdiction operates to a higher regulatory standard, is not necessarily a negative factor. “While some of the regulations we are subject to may feel burdensome at times, this regulation ensures we attract high quality business to the jurisdiction and we can explain to our clients exactly what we are doing to protect them,“ she said.
As for the business outlook in Cayman, the mood is upbeat and positive with strong captive formation numbers and CIMA’s commitment to a faster turnaround for ILS license applications starting to pay off. People are also talking about the attractiveness of Cayman’s PIC legislation, Brosnihan said, while the recent redomicile by Barents Re from Panama to Cayman demonstrates the jurisdiction can continue to attract this type of business, with CIMA open to meeting the needs of potential Class D licensees.
As the era of Cayman International Insurance moves into full swing, the association will continue to be driven by the voluntary efforts of its membership, which Brosnihan applauds. She plans to continue to the good work of the Marketing Committee with its strategic plan, moving more into the digital realm to attract a more global audience. Her attention will soon focus on preparing for IMAC’s Insurance Symposium, which takes place during the Cayman Captive Forum. The Symposium embodies the collaborative nature and open dialogue of the Cayman international insurance industry, as key onshore participants are invited to share the table with representatives of CIMA and the government. “It allows insurance professionals who have supported the domicile for the past 25 years a chance to give feedback to the decision makers here in Cayman,” she said. Such feedback can be invaluable from a competitive standpoint and IMAC’s work in providing an open door can only be beneficial to the industry.