Delegation promotes Cayman’s Financial Services

Premier Hon. Alden McLaughlin on Tuesday delivered opening remarks at the 7th Annual Cayman Finance New York Breakfast Briefing on Tuesday, 21 January. Speaking at the briefing Premier McLaughlin thanked those in attendance for doing business with the Cayman Islands and provided a brief update on the stellar performance of Cayman’s economy, including growth in the financial sector. He highlighted the country’s commitment to supporting the sector and to ensuring that we do what is needed to protect our reputation as a quality international financial services centre.

Prior to the Premier speaking Mr Jude Scott, CEO of Cayman Finance gave the opening remarks and His Excellency the Governor welcomed those present to the briefing and spoke about the role that Cayman plays in Global Finance. Ms Heather Smith, Head of the Investment and Securities Division at CIMA, provided an update on the work of the Authority over the past year. The Hon Tara Rivers, Minister for Financial Services and Home Affairs, delivered the main remarks and provided an update on the recent financial services legislation, including on ‘economic substance’.

Later that afternoon The Premier, Minister Rivers, The Attorney General along with the Cayman delegation and members of Cayman Finance held meetings with senior managers from the Bank of New York Mellon and with Citibank. Matters discussed included recent legislative changes on economic substance and other regulatory matters as well as an update on Cayman’s economy. Both banks provide important correspondent banking services to the Cayman Islands and these meetings are a good opportunity for the bank’s management to hear directly from Cayman’s political leaders and to better understand the changing legislative framework. Both organisations noted that they continue to value their relationship with the Cayman Islands and with Cayman Islands banking institutions.

Later that evening the delegation attended the 2nd Cayman Finance New York Reinsurance Round Table. With more than 600 Captive insurance and Reinsurance companies and several large Reinsurance companies domiciled in the Cayman Islands, this is an important sector for Cayman’s Financial Services Industry. The Governor spoke briefly about the Cayman Islands followed by Minister Rivers who provided remarks about the growing reinsurance sector in the Cayman Islands. A panel discussion on Caymans reinsurance market then followed led by Adrian Lynch, Managing Director of AON. Participants included David Johnson, Chairman and CEO of Topsail Re; Mike Minnich, Executive Chairman of Midwest Holdings; Suzanne Sadlier, Deputy Head – Insurance Supervision CIMA; and Jaime Sahara, Founder and CEO of Rivington Partners.

The engagements during the day, at the Breakfast Briefing, with the correspondent banks, as well as with the New York Reinsurance market was very successful by those attending to hear what Cayman’s leaders and financial services professionals had to say. The Premier and the Cayman delegation continue on Wednesday with planned meetings and networking opportunities, including with the prestigious Culinary Institute of America.