Leaders in the captive insurance industry gathered Wednesday (30 November) for the 24th annual Cayman Captive Forum, perhaps the country’s largest conference with more than 1,500 attendees at the Ritz Carlton.
Opening remarks included an address from Hon. Wayne Panton, Minister for Financial Services, who made the case that the Cayman Islands remain a strong and stable domicile for captive insurers.
“Cayman’s GDP has grown on average over the last three years by two percent annually (and) in 2016, it shows around three percent growth,” he said, “So there’s clearly been considerable improvement and acceleration.”
While the managers focus on strategies to grow investments and navigate regulations, they were reminded by Kieran O’Mahony, president of the Insurance Managers Association of Cayman (IMAC), that predictions and plans can always be thrown off by the unexpected. He cited the surprise election results of the Brexit vote in the U.K. and the U.S. presidential win by Donald Trump.
“And it is, in my view, a very brave or innocent individual who can claim to accurately predict what both of those two elements of nature will portend for international financial centres such as the Cayman Islands,” he said.
The attendees also heard from legendary distance swimmer Diana Nyad about the importance of determination, discipline and a willingness to modify goals to adjust for obstacles. She used the example of her failure to make an Olympic swimming team and her decision to pursue distance swims which included a lap around Manhattan island and, later, her celebrated swim between Cuba and Key West.