“WE NEEDED TO ACKNOWLEDGE OUR EXISTING
CUSTOMER BASE, BUT TO HAVE A BRAND THAT WAS AWARE
OF FUTURE CUSTOMER BASES.” ADRIAN LYNCH
Lynch explains that there was a growing sense within the Cayman
market that IMAC wasn’t as well known as it should be, especially
as the jurisdiction becomes more established in areas outside
“We needed to acknowledge our existing customer base, but to have
a brand that was aware of future customer bases,” he says.
IMAC went through a formalistic process facilitated by a public
relations firm, which essentially undertook a strengths, weaknesses,
opportunities & threats—SWOT—analysis of the association, a process
which involved reaching out to its membership.
“We queried members on their understanding of IMAC, its founding
principles, and as to what the future role of IMAC should be,” explains
Lynch. “It allowed us to present some proposals on how we might
continue to evolve and build upon the IMAC brand.”
While its name change might suggest that Cayman’s captive insurance
business has become more international, Lynch emphasises that the
Cayman insurance market has always been international in terms of its
geography and client base.
To avoid confusion with a well-known brand of personal computers
and to improve search engine optimisation, it was felt that Cayman
International Insurance was more appropriate to help promote the
Lynch says its tagline—‘The Better Alternative’—is a nod to the
alternative risk management of the captive insurance business in the
“At the end of the day, captives are alternative risk finance and risk
management vehicles. It was a good nod to them, and a nod to what we
would call lateral, blue sky, alternative thinking,” he says.
Reinsurance and ILS
Around 80 percent of Cayman’s insurance business comes from the US
market, and the other 20 percent from the rest of the world.
Lynch’s expectation for the future of the jurisdiction is that it will expand
beyond captives into reinsurance and insurance-linked securities
(ILS)—two areas that Cayman’s insurance industry has grown to be
more inclusive of.
“On the reinsurance side we have seen more activity from clients
looking to establish Cayman’s reinsurers,” he says.
From a reinsurance perspective, Lynch believes that Cayman has
12 cayman captive 2019
emerged as a legitimate alternative to Bermuda by virtue of the fact that
Cayman is non-Solvency II equivalent.
“From contacts we have with Bermuda, they have found that it is quite
an onerous regulatory regime,” he says. “Cayman has emerged as a
good alternative to Solvency II.”
An area where Lynch sees some potential for growth is the
Asian markets, which have taken a keen interest in Cayman for this
In the US, the memorandum of understanding between the Cayman
Islands Monetary Authority and National Association of Insurance
Commissioners has helped clients in Cayman coming from the US
market to coordinate on regulatory matters.
One of the growth areas for Cayman in reinsurance is in the
longevity space, for example life, annuity, long-term care and pension
“We are seeing that growth on the US side and in Asia,” he says.
While the ILS market remains flat in Cayman, Lynch notes that there
are a number of providers in the jurisdiction and IMAC is committed to
building the jurisdiction’s reputation.
While IMAC has a new brand identity, name and tagline for promoting its
insurance industry to the rest of the world, IMAC itself will not disappear.
The association will continue to exist as a member organisation and
that name is what it will known by in Cayman.
“For 37 years we’ve delivered the message that Cayman is a leading
domicile that is filled with opportunity,” says Brosnihan. “After decades
of effecting change for this industry, we’ve come to realise that we, too,
“We are no longer an association trying to develop our industry—we
have become the face of our industry.
“Having said that, it’s important to note IMAC will not vanish. It will
still exist as a member organisation and an inward-facing entity. What
has changed is our global promotion of Cayman as a domicile, and I
am eager to see how Cayman International Insurance will unfold and
IMAC was established in 1981, and acts as Cayman’s industry
representative, working with government and regulators to ensure
consistent compliance and robustness within the industry.