A cross-section of Cayman’s insurance industry worked together to showcase Cayman’s integrity, intellect and innovation at the 50th Annual Risk and Insurance Management Society (RIMS) conference and exhibition held from 15 – 18 April in Philadelphia, Pennsylvania.

RIMS is the largest gathering of risk professionals in North America. This year, the event saw over 10,000 visitors from all around the world, ranging from risk and insurance management executives to brokers, insurers and service providers. This gave Cayman an excellent opportunity to showcase itself as the domicile of choice for captive insurance companies.

In attendance on behalf of the Cayman Islands were Chairman of the Insurance Managers Association of Cayman (IMAC), Mr Clayton Price; the Head of Insurance Supervision for the Cayman Islands Monetary Authority (CIMA), Mr Gordon Rowell; as well as representatives from over 20 private sector companies, including banks, insurance managers and auditors.

Mr Price said, “IMAC, CIMA and the Cayman Islands Government’s participation at RIMS is instrumental in ensuring that the Cayman Islands remains on the cutting edge as an insurance domicile. The 2012 RIMS was well attended, and presented a tremendous opportunity to meet with thousands of key decision makers in the insurance industry all in one location. The Cayman delegation attracted a large number of visitors interested in finding out more about business in Cayman, and this afforded the 36 Cayman delegates a fabulous opportunity to deliver our message of integrity, intellect and innovation, which makes the Cayman Islands the domicile of choice.”

Mr Rowell added, “As the second largest captive jurisdiction globally, the Cayman Islands presence at RIMS is critical to our ongoing success. CIMA hosted several positive meetings with clients – both existing and potential – and we look forward to continuing to strengthen our relationship with the Insurance Managers in promoting the Cayman Islands as a premium financial services jurisdiction for captives and reinsurance.”

Mr Rowell continued, “CIMA’s Managing Director, Mrs. Cindy Scotland, has always encouraged her officers to be accessible and transparent to licensees and the RIMS conference is a great opportunity for face-to-face dialogue.”

Cayman Islands Premier and Minister of Finance, the Hon. McKeeva Bush, was unable to attend the conference, but noted, “The Cayman Islands is finalising a new legal and regulatory framework that will help to pave the way for new opportunities for our jurisdiction as a leading domicile for captive insurance and a centre of excellence for reinsurance. Attending the RIMS conference presented Cayman with an opportunity to speak about these new developments, and develop stronger relationships with global partners.”

Cayman’s participation at RIMS 2012 was jointly sponsored by the Insurance Manager Association of Cayman and the Cayman Islands Government.