“If you think in terms of a year, plant a seed; if in terms of 10 years, plant trees; if in terms of 100 years, teach the people.” – Confucius
It is in the power of educating and connecting people that innovation is fostered, ideas are generated, and action is motivated and lifelong relationships are built.
Perhaps all of these things were not in the minds of the original founders of the Cayman Captive Forum, yet connecting the dots backwards, it is easy to see how this event has developed over its 25-year history to mean all of these things. Twenty-five years is a long time and things change.
The regulatory environment has developed and matured in response to international initiatives geared to increasing transparency and overall Cayman has benefited greatly from the ‘flight to quality’.
The industry environment has changed. Twenty-five years ago, healthcare captives were the mainstay of the Cayman captive industry. This has morphed and developed with mergers and acquisitions, meaning shifts in the marketplace. The Affordable Care Act also had a tremendous impact on how healthcare has been financed and insured in the US. As Lisl Lewis points out in her article, one thing we can expect is that if there is an unravelling of the ACA in America, change will be the only constant.
We are also now talking about how to finance and support cannabis growers and distributors. Twenty-five years ago, this concept was unheard of (well, in the white market it was!). Today, with more liberal views of the benefits and uses of cannabis, there is the issue of how to navigate the development of an industry still largely in its infancy; caught in a legal and regulatory crossfire.
Not to mention technological advances! Kevin Poole examines the powerful impacts technology has had on how we view the world and how we are moving to a model of a shared economy. Thinking back 25 years ago, the planners of the first Cayman Captive Forum were probably relying on fax or dial-up to communicate with sponsors, attendees and speakers.
The one thing that has remained constant over the history of the Cayman Captive Forum (and even stretching back a couple more decades before that, when the captive industry in the Cayman Islands was a burgeoning bud), is that of thought leadership and taking the role of expanding intellectual property. Cayman has and continued to lead the way by innovating thoughtfully and meaningfully; sharing information on best practices; educating young people through the Insurance Managers Association of Cayman’s Education Scholarship and bringing people together to form and grow what has become a significant success story – Cayman’s captive insurance industry and by extension, the Forum.
If Confucius has anything to say about the development of this industry and significant events, I am sure it would be: “25 years is just the start. Look now to the next 75.”
I wonder what the Cayman Captive Forum will look like in 2092?