GEORGE TOWN, Grand Cayman--(BUSINESS WIRE)--The Forum, which was to be held on 1st to 3rd of December 2020, attracts 1,500 captive owners, directors, officers, reinsurers, ceding carriers, brokers, consultants, and service providers and is widely considered the largest captive specific event globally.
Due to uncertainties caused by the Covid-19 and the resulting travel restrictions imposed by the Cayman Islands Government, personal safety issues, local health regulations, and social distancing, the planning and preparation of the forum has been more difficult than ever.
With approximately 85% of the attending delegates visiting Cayman from overseas, the conference is dependent on a global environment free from restrictions on travel and social distancing.
The Insurance Managers Association Cayman (IMAC) Chair, Colin Robinson commented, “The Cayman Captive Forum contributes more than US$2m to the local economy each year from flights to hotel reservations; taxi fares to restaurant bookings. Whilst our industry remains as strong as ever as evidenced by Q1 statistics, we unfortunately are unable to hold the conference without a clearer vision of what the world will look like in December for international travel. We would also like to express our sincere thanks to the Management team of The Ritz-Carlton for their understanding and continued support.”
Forum Chair, Jackie Campbell remarked, “As disappointing as this is, unfortunately there were too many unknowns to allow us to effectively plan and host a conference of the quality that we do on an annual basis. However, as one of the prominent offshore jurisdictions, we are looking into alternative means of being able to showcase our outstanding industry and the providers within.”
The conference is expected to go ahead as normal in 2021. IMAC is already in discussions with representatives from The Ritz-Carlton, Cayman, where the event is traditionally held, about being able to showcase a spectacular return conference in 2021, with full service and amenities at the Hotel for next year’s event.
The Cayman Islands is an international insurance centre with a 40-year-plus history in international insurance products, and specialising in captive insurance, ILS structuring, and reinsurance.