|[September 06, 2013]
Cayman Reinsurers Talk Innovation in Monte Carlo
GEORGE TOWN, Grand Cayman --(Business Wire)--
A Cayman contingent of reinsurers and industry experts will be attending
Carlo 'Rendez-Vous' 8 - 11 September, an annual networking event
that attracts thousands of reinsurance industry participants from around
the world. The Cayman delegation includes representatives from
Greenlight Re and Southport Re, who will be on hand to discuss the
Cayman story with reinsurance industry leaders.
Cayman's success in the reinsurance/insurance industry reaches back
decades, and it continues to thrive as a result of consistent innovation.
Cayman's new Insurance
Law, which was developed in response to market demands, provides a
legal and regulatory framework that is bespoke to reinsures and issuers
of insurance linked securities (ILS). The existence of a flexible but
tailored prudential regime for open market reinsurers has proven an
immediate success with reinsurers, such as Southport Re, recently
establishing in the Cayman Islands, and with a number of additional
reinsurers in the pipeline.
Given the importance of the financial services industry, including its
robust banking, structured finance, investment funds, and
insurance/reinsurance businesses to the economy, the Cayman Islands
Government has dedicated a new Ministry of Financial Services to serve
it. Industry veterans helm the Ministry: the Honourable Wayne Panton,
former chairman and partner at Walkers Global, is Minister, and Mr Roy
McTaggart, former Managing Partner of KPMG Cayman, is Councillor.
Minister Panton encouraged the delegation in their endeavour: "The
Cayman Islands Government is fully supportive of this initiative. We
recognise that reinsurance is an area that Cayman is uniquely and
well-positioned to serve, in light of our long history in the
securitisation, insurance and investment funds space. We will continue
to work with industry to provide the support for healthy and continued
innovation going forward."
The Cayman Islands Government has proactively engaged in all
international regulatory initiatives addressing transparency and
all-crimes anti-money laundering for decades, including those from the OECD
(where it received top marks from the Global Peer Review in April 2013),
the FATF and the IMF. Most recently, it was one of the first offshore
jurisdictions to commit to sign a Model 1 Intergovernmental Agreement
with the United States on FATCA, where all Cayman financial institutions
will report to the Cayman Tax Information Authority all information
relating to US Persons' accounts.
The Cayman Islands has ratified 31 Tax Information Exchange Agreements
with other nations, including Argentina, Australia, Brazil, Canada,
China, France, Germany, Ireland, Italy, Japan, Mexico, South Africa, the
UK and the US.with more underway.
With Cayman's dominant role in risk securitisation, the jurisdiction is
uniquely placed to continue to lead financial risk innovation through
cross-sector convergence and product development.
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