Facebook logo
Facebook logo
Facebook logo
Facebook logo

Latest Headlines

Captive Insurance Times home | Interviews | Linda Haddleton of IMAC ← You are here

Latest News
John Harris to head up Brady Risk Program Managers
28 April 2017 | New York
John Harris has joined Brady Risk Management to head up the company’s newly formed Brady Risk Program Managers Read more

Captive business in Labuan on the rise
28 April 2017 | Kuala Lumpur
Since Labuan’s first captive was established in 1998, the sector reached approximately 40 captives in 2016, contributing to an aggregated written premium value of $348.6 million Read more

For more news visit our news section

Upcoming events
PARIMA 2017 Shanghai
Date: 21 June 2017
Location: Intercontinental Shanghai Pudong, Shanghai
Find out more

WRCIC conference
Date: 22-24 May
Location: Marriott City Centre, Salt Lake City
Find out more

For more events visit our event section
Industry recruitment
There are currently no jobs available
For more jobs visit our recruitment section
Captive Insurance Times
View the latest issues online now

Sister publications
Securities Lending Times

Asset Servicing Times

Real Estate Investment Times

Media pack [download]
Ad specs [download]
Latest features
Notice 2016-66: Is the IRS repeating the mistakes of the past or learning from them?
Feature: Mikhail Raybshteyn, Ann Cammack and Paul H Phillips III of EY break down the controversial notice as the 1 May deadline for reporting the latest transaction of interest rapidly approaches Read more

Cook Islands
Country profile: In an era of increasing uncertainty, Tamatoa Jonassen suggests that the Cook Islands can be a bridge to financial security in a captive Read more

Dan Towle :: CICA
Interview: As the new president of CICA, Dan Towle aims to continue supporting the association’s efforts to grow its membership, increase advocacy, and ensure the smoothest of transitions Read more

For more features visit our features section
Latest news
Linda Haddleton
As the new chair of IMAC, Linda Haddleton hopes to see continued growth in licence numbers, but as a mature domicile, the Cayman Islands is focused more on quality and innovation

What is going on at IMAC right now, and what’s new?

The Insurance Managers Association of Cayman (IMAC) chair serves a two-year term, with the immediate vice chair taking over once that term is complete, so there is deliberate succession planning and continuity.

During this process a new vice chair is appointed, with the past chair remaining on the executive committee of IMAC. The remainder of the executive committee are officers—treasurer and secretary—and the chairs of the IMAC committees including the forum, marketing, legislative and regulatory, education, and research and development forums.

Generally, we have made some, but not wholesale, changes in the committee compositions, achieving better knowledge management and bringing in new blood and fresh ideas.

This is an opportunity to refresh the agenda. Collectively, the committees represent most insurance manager members of IMAC, and we also reach out to all members to ensure that the hard-working, voluntary organisation truly reflects and aligns with our members’ interests.

As the new IMAC chair, what are you working on?

It is important to maintain IMAC’s relationships with other stakeholders in the industry, and appropriate for every new chair to ensure continuity in these relationships.

Stakeholders include our full members (insurance managers), associate members (managed insurers, self-managed insurers and service providers to the industry), the Cayman Islands Monetary Authority, the Ministry of Financial Services in the Cayman Islands Government, Cayman Finance Limited, and peer associations in other areas of the Cayman Islands financial services sector and in other jurisdictions.

High on the list of priorities is the 2017 Cayman Captive Forum, which celebrates its 25th anniversary in December.

Last year was described as a ‘phenomenal year’ for Cayman captives. What is being done to ensure 2017 follows suit?

It was a good year in terms of numbers of newly-licensed insurers. It is important to understand where the growth is coming from and the drivers, but also to determine where untapped opportunities lie, in order to inform our new business development efforts.

The collegiality and collaborative nature of IMAC, which is effectively an association of competitors, is one of the remarkable features of Cayman as an insurance jurisdiction.

When it comes to enhancing and growing our jurisdiction, we work together extremely well. We are certainly applying our collective wisdom to determining and highlighting what makes Cayman attractive to new licensees. We hope to see similar new licensing numbers in 2017, but as a mature domicile we are not simply chasing numbers.

We are interested in quality, and we are looking to innovate. That is the hallmark of Cayman’s success. Our managers will also be working to ensure that we provide the skills and resources to meet the requirements of our expanding and diversifying client base.

What are the most important ingredients that contribute to Cayman’s success?

The diversity of entities licensed in Cayman reflects a jurisdiction that is welcoming to innovation. While regulations have been enhanced to meet international standards, the approach to licensing and compliance remains the same: does the business plan make sense, and is the business sustainable?

Those principles apply regardless of the underlying risks and types of coverage, and provide for proportionate regulation. The alternative risk market exists to offer solutions that replace or complement traditional solutions, and it represents a broad spectrum of beneficiaries, from owners of single-parent captives to open-market reinsurers that are taking innovative approaches to financing risk.

Insurance-linked securities (ILS) are a good example of this. Now that ILS has become more mainstream, it is easy to forget just how novel the first Cayman issuers of catastrophe bonds were in the 1990s.

There was opportunity in the catastrophe property market to enhance the cycle of capacity usage and restoration, and Cayman was the jurisdiction approached to establish these innovative structures.

Another example of innovation in Cayman is our segregated portfolio company legislation and the more recent and refined addition of portfolio insurance company legislation.

These allow for interesting versatility in structuring transactions and programmes and have generated a lot of interest and growth.

What plans do you have going forward at IMAC? Is there anything in the pipeline?

There are opportunities for Cayman as a jurisdiction that has elected not to seek Solvency II equivalency, making it attractive as a domicile for commercial insurers and reinsurers.

That is one area of focus—getting the message about Cayman’s capabilities to the players in the life and annuity space and also the pension and longevity space. We are seeing Cayman cater to a more international and commercial audience than before.

We are taking a more proactive approach to our IMAC messaging, including three webinars planned for this year. These will provide an opportunity for IMAC to draw on the experience of our members and share some best practices.

We will be looking closely at emerging risks and emerging industries, which can benefit enormously from the alternative risk market for opportunities.

The 2017 Cayman Captive Forum is reaching a major milestone, and we can promise to once again exceed the expectations of attendees.

We will be working with other sectors of the Cayman financial services industry to ensure they understand the value proposition of our sector and to identify synergies and opportunities to be creative.

There is a sense of buoyancy in Cayman, and we will be working hard to ensure we keep up the momentum in new business development.

To view the full issue in which this article appeared - Click Here

John Harris to head up Brady Risk Program Managers
John Harris has joined Brady Risk Management to head up the company’s newly formed Brady Risk Prog Read more

Captive business in Labuan on the rise
Since Labuan’s first captive was established in 1998, the sector reached approximately 40 captives Read more

Interest in captives on the up, says Aon
More companies are showing an interest in forming new captives or protected cell companies over the Read more

Validus ILS business receives generous inflows
The insurance-linked securities and third-party reinsurance capital business of Validus Holdings, Al Read more

Citadel Risk launches new Tennessee ICC
Citadel Risk has opened a new incorporated cell captive company in Tennessee, Citadel Tennessee Capt Read more

Captive Insurance Times site map


Issue archive
Back issues online
Events andtraining
Upcoming events

Upcoming training

Company info
About us

Contact us

Copyright (C) 2013 Black Knight Media Ltd. All rights reserved. No reproduction without prior authorization