NEW YORK, New York– 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

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