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Cayman Islands Insurance Regulator Resigns

BestWire ® Services
By Alyn Ackermann, senior associate editor, BestWeek:
Alyn.Ackermann@ambest.com

GRAND CAYMAN, Cayman Islands January 21 (BestWire) — The head of the insurance regulatory office for the Cayman Islands is resigning, an industry official said.

Albert Smith, head of the Insurance Supervision Division of the Cayman Islands Monetary Authority, will leave in March, said William Forsythe, general manager of Insurance Managers Association of Cayman, an industry group representing captive insurers.

Forsythe said the authority sent a letter to insurance industry representatives recently announcing the resignation, effective March 16. No replacement was named, he said.

“He is resigning for personal reasons,” Forsythe said. “He came to the islands very well recommended, from Canada, but his family is still living in Canada and he wants to return.”

Cayman Islands had 765 domiciled captive insurers in 2007, according to the Web site www.captive.com.

In 2008, captives, particularly those in the casualty space, bought more reinsurance to protect against severe losses

Source: A.M. Best BestWire^® Services
Copyright 2009, A.M. Best Company
Reprinted with permission