The strength of the Cayman Islands financial services industry and its benefits to global partners, particularly those in the United States, was on show as Cayman Finance hosted a pair of events in New York on 22 January.
More than 170 attendees gathered at the Harvard Club of New York City for the 6th Annual Cayman Finance New York Breakfast Briefing, where they heard from featured speakers including His Excellency the Governor, Martyn Roper; Premier Hon. Alden McLaughlin; Minister for Financial Services and Home Affairs, Hon. Tara Rivers; and Head of the Investments and Securities Division at the Cayman Islands Monetary Authority (CIMA) Heather Smith. Also in attendance were other government and regulatory officials including Attorney General Hon. Samuel Bulgin and Managing Director of CIMA, Cindy Scotland.
Later in the day, a Cayman Finance Reinsurance Roundtable event showcased the Cayman Islands as an ideal jurisdiction to establish and grow a reinsurance business by offering unparalleled access to capital and investment opportunities. “We are very appreciative to have had such strong support from Government and the Governor’s Office with both the Governor and Premier adding to an already impressive line-up of speakers. Their presence illustrated the partnership between industry and Government, as well as demonstrating the United Kingdom’s support for the Cayman Islands financial services industry,” Mr Scott said.
In his remarks to the gathering, Mr Roper signalled the UK’s commitment to promoting the best interests of the British Overseas Territory. “The UK continues to work closely with the Cayman Islands Government to ensure that the industry’s interests are protected. My attendance today demonstrates my personal support for the industry and also that of the United Kingdom,” the Governor said. “We believe it is important for the UK and the Cayman Islands to cooperate in helping Cayman’s businesses maximise the economic opportunities that our relationship presents.”
Speaking at the reinsurance event also held at the Harvard Club, Premier Hon. Alden McLaughlin outlined steps taken to demonstrate his government’s support for the financial services industry, which contributes over 50 percent of Cayman’s GDP. “Our commitment to show that Cayman is open for business for reinsurance and other financial services sectors was at the core of a significant change we have made in our government structure,” he said, pointing to the establishment of the new Ministry of International Trade, Investment, Aviation and Maritime Affairs. “Cayman is a familiar, trusted and respected domicile with a long-standing reputation for strong cooperation between our government and our financial services industry. The Cayman Islands Government is both accessible and receptive to input from the industry. We want you to succeed so our door is always open to discuss how we can best work together to achieve that,” Mr McLaughlin said.
Hon. Tara Rivers echoed those sentiments in her address at the Breakfast Briefing earlier in the day. “Cayman will continue being a place for sound business long into the future, because we will continue to meet internationally adopted standards,” she said, pointing to recent legislative and regulatory measures to adhere to evolving global requirements. “Over the many decades we have demonstrated that we have the expertise and the resiliency needed in order to successfully navigate change, for the benefit of our clients and our country as a whole.”
While Cayman has already been established as a leading jurisdiction for strong diversified sectors such as funds, banking, insurance, reinsurance, capital markets, and trusts, attendees at the Reinsurance Roundtable heard from industry partners, including those who recently set-up Cayman reinsurance companies. CIMA Managing Director Cindy Scotland said: “It is important that we work along with Government and industry to position the Cayman Islands as a well-regulated and stable jurisdiction in which to conduct business. CIMA was pleased to be able to be a part of the New York events, sharing information of importance to our stakeholders in the New York area, both generally and at the reinsurance event.”
Mr Scott said the two New York events combine to form an important part of the Cayman Finance calendar of events. I would like to thank the Governor, the Premier, the Government, the regulator, our member firms and New York business partners for making this another success as we protect, promote, develop and grow our financial services industry. 2019 is a year of great promise for the jurisdiction and we are proud to play our role in ensuring the Cayman Islands maintains its position as the premier global financial hub,” Mr Scott said.