“It simply turns into an ideal match”
In dialogue with AM Finest, David Self, the chair of the Cayman Worldwide Reinsurance Firms Affiliation’s (CIRCA) board of administrators, outlined the favorable circumstances within the Cayman Islands that contribute to its attraction as a reinsurance hub.
Self famous the area’s business-friendly surroundings, sturdy regulatory framework, and strategic concentrate on the US market as pivotal components within the trade’s enlargement.
“The information present that we had 40 new industrial reinsurers in Cayman in 2023, and that was earlier than the excitement began about ReConnect,” he mentioned, predicting sustained development within the sector.
Steve Papciak, who chairs CIRCA’s advertising and marketing committee, additionally highlighted the jurisdiction’s attract for insurtech firms, attributing it to a regulatory regime that’s each risk-based and versatile, enabling fast adaptation to new challenges.
“When you will have a risk-based regime that may reply nimbly and shortly, and most significantly, robustly to those new rising dangers, which I believe characterizes the insurtech trade, it simply turns into an ideal match,” Papciak mentioned.
The Cayman Islands is gearing as much as set up itself extra firmly as a central participant within the world reinsurance market with the upcoming CIRCA ReConnect convention, set for April 18-19 in Grand Cayman.
The occasion goals to assemble over 110 native and worldwide firms to discover the jurisdiction’s choices and have interaction in discussions on evolving developments within the reinsurance trade.
The convention may also mirror the collaborative spirit inside the native trade, that includes contributions from the Insurance coverage Managers Affiliation of Cayman, Cayman Finance, the federal government, and the Cayman Islands Financial Authority. The organizations have joined forces to advertise the jurisdiction and foster development all through the monetary providers sector.
Brad Mazur, managing director of enterprise improvement at AM Finest, is slated to take part in a panel targeted on rising regulatory points.
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