In discussion with AM Best, David Self, the chair of the Cayman International Reinsurance Companies Association’s (CIRCA) board of directors, outlined the favorable conditions in the Cayman Islands that contribute to its appeal as a reinsurance hub.
Self noted the region’s business-friendly environment, strong regulatory framework, and strategic focus on the US market as pivotal factors in the industry’s expansion.
“The records show that we had 40 new commercial reinsurers in Cayman in 2023, and that was before the buzz started about ReConnect,” he said, predicting sustained growth in the sector.
Steve Papciak, who chairs CIRCA’s marketing committee, also highlighted the jurisdiction’s allure for insurtech companies, attributing it to a regulatory regime that is both risk-based and flexible, enabling quick adaptation to new challenges.
“When you have a risk-based regime that can respond nimbly and quickly, and most importantly, robustly to these new emerging risks, which I think characterizes the insurtech industry, it just becomes a perfect fit,” Papciak said.
The Cayman Islands is gearing up to establish itself more firmly as a central player in the global reinsurance market with the upcoming CIRCA ReConnect conference, set for April 18-19 in Grand Cayman.
The event aims to gather over 110 local and international companies to explore the jurisdiction’s offerings and engage in discussions on evolving trends in the reinsurance industry.
The conference will also reflect the collaborative spirit within the local industry, featuring contributions from the Insurance Managers Association of Cayman, Cayman Finance, the government, and the Cayman Islands Monetary Authority. The organizations have joined forces to promote the jurisdiction and foster growth throughout the financial services sector.
Brad Mazur, managing director of business development at AM Best, is slated to participate in a panel focused on emerging regulatory issues.
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