Cayman Government Backs Reinsurance Industry

GEORGE TOWN, Grand Cayman--()--Representatives from the Cayman Islands reinsurance industry will be in full force at the SIFMA Insurance and Risk Linked Securities conference in New York 4 – 5 March, speaking to delegates about the strength of the Cayman offering for reinsurance and catastrophe bonds.

With its solid history as the provider of the very first catastrophe bonds and its continued leading position in this sector, as evidenced by the more than 200 transactions listed with the Cayman Islands Stock Exchange, the Cayman delegation has plenty to talk about. The Cayman Islands published a new insurance law last year that provides a special category of licence designed for insurance linked securities and the jurisdiction is also home to a growing number of innovative insurers and reinsurers.

The delegation, which includes senior representatives from the Cayman Islands Monetary Authority and the Cayman Islands Stock Exchange, was encouraged by the Minister of Financial Services, the Honorable Wayne Panton, who said: “The Cayman Islands Government is fully supportive of this initiative. We recognise that reinsurance is an area that Cayman is uniquely and well-positioned to serve, in light of our long history in the securitisation, insurance and investment funds space. We will continue to work with industry to provide the support for healthy and continued innovation going forward."

The Cayman Islands Government’s Ministry of Financial Services oversees a broad range of financial industry sectors, including banking, structured finance, investment and hedge funds, insurance and reinsurance. The Government has signed 33 Tax Information Exchange Agreements between the Cayman Islands and other nations, including the United States of America (USA), Argentina, Australia, Brazil, Canada, China, France, Germany, Ireland, Italy, Japan, Mexico, South Africa and the United Kingdom. In 2013, the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes released a Phase 2 peer review report which concluded that the Cayman Islands has demonstrated that its standards for transparency and tax information have been properly implemented, and that the territory exchanges tax information effectively in practice. The jurisdiction was among the first to sign a Model 1 Intergovernmental Agreement with the USA under FATCA.

The Cayman Islands' regulatory framework, operational infrastructure and talent pool of experienced industry specialists are evident in its strong track record of attracting those wishing to bring innovative risk transfer and financial products to market, a population that is well represented at SIFMA’s annual IRLS conference.

Contacts

Cayman Reinsurance Focus Group
Denise Gower, +1 345-945-8188
denise.gower@fountainhead.ky

Release Summary

The Cayman Islands reinsurance industry is in full force at the annual SIFMA conference in New York this week to speak to delegates about growth, opportunities and developments in the Cayman Islands.

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Contacts

Cayman Reinsurance Focus Group
Denise Gower, +1 345-945-8188
denise.gower@fountainhead.ky