The 7th annual executive forum on captives, being held this year at Grand Cayman's Marriott Beach Resort, offers expertise and information to participants in the fast-changing world of captives. A roster of industry speakers will take delegates through every angle and aspect of the captive business, from the basics to beyond. The conference begins on Tuesday, December 4 at 6 pm with a welcome reception, sponsored by the Bank of Butterfield.
Two pre-conference workshops are offered for the morning of the next day. Workshop A, ‘Understanding Captives', describes the elements of the captive insurance industry, its various key players, the formation of captives and the concepts and regulations governing them – with the aim of answering attendees' questions and furnishing them with the practical information to assess their needs and options.
The workshop is presented by Mary Lou Gallegos, deputy head of insurance for the Cayman Islands Monetary Authority; Mike Gibbs, president of the Cayman Insurance Managers' Association (CIMA); Douglas C Harrell, principal of KPMG Cayman Islands; and Tom Hermes, principal of Tillinghast-Towers Perrin.
Pre-conference Workshop B is entitled ‘Customise Your Investment Strategy to Meet Your Captive Needs.' Part one covers asset allocation and the effects of uncertainty, followed by dynamic financial analysis for captive insurers. All speakers are from Standish Mellon Asset Management. Speaking at part one are Mike Thompson, director of the insurance team, and director and actuary Dick Mattison. Part two walks attendees through strategies for asset management, with Anthony Criscuolo, vice-president and portfolio manager; Rip Reeves, director and portfolio manager); and Kevin Callahan, vice-president and portfolio manager).
Following lunch and registration for the main conferences, conference chairman Tom Clark of the CIMA will deliver his opening remarks, followed by a welcome from Governor Peter J Smith, CBE. Gordon Rowell, head of insurance for the Cayman Islands Monetary Authority, will then address the present and future of Cayman captives, followed by Paul Januzzo, legal counsel for Glock, whose keynote address will tackle the insurance of ‘politically unpopular products'.
Subsequently, Michael Douglas, senior vice-president of Aon International Risk Management Group, and Bob Schultz, president of Artis Group/Royal Sun Alliance, will examine hard market difficulties in the reinsurance and fronting industries.
After a break, attendees will learn about evaluating and managing liabilities in e-commerce with Peter Walker, head of group insurance risk and insurance management at HSBC Group. Following this, Shulamith Klein, senior director at the Office of Risk & Insurance for Emory University, and William M Cassetta, a partner of Honigman Miller Schwartz and Cohn, will examine a year in the life of the unique liability programme of Emory University in Atlanta, Georgia. The Governor hosts a cocktail reception at Government House at the end of day one.
December 6 will commence with a ‘brainstorming breakfast' with a menu of hot topics to discuss with speakers. After the chairman's opening remarks, a critical tax update session will explore the year's developments in captives taxation with speaker Tom Jones, partner at McDermott, Will & Emery. A case study of Genesis Securities Insurance Ltd, evolving from Fine Host to become one of the most successful first year captives in the Caymans, will be presented by Gary Huber, vice-president of risk management and labour relations for Fine Host Corporation and president of GSIL, along with Charlie Weeks, vice-president of risk management practice at ABD.
Later in the morning, attendees will choose from two ‘breakout sessions'. Track A, healthcare, will begin with an in-depth analysis of the long-term care liability insurance market by Ruth Kilduff, who is the senior vice-president of National Health Spectrum and the national long-term care practice leader for Marsh. Speaker Becky Havlisch, vice-president of risk services, Catholic Healthcare West, will explore expanding captive uses for healthcare organisations. Finally, Robert L Heath, senior vice-president of legal affairs and general counsel at Via Christi Health System Inc, will delve into the issues raised by this year's implementation of new standards on ‘unanticipated outcome information' by the Joint Commission on Accreditation of Healthcare Organisations.
Track B, non-healthcare, begins with Philip J Stevens, senior vice-president of Aon Insurance Risk Management Group, who will discuss agency rent-a-captives. Third-party business in captives will be the next subject, tackled by two partners of LeBoeuf, Lamb, Greene & MacRae, LLP, Bruce Wright and Thomas M Dawson, along with Aon Risk Consultants' senior consultant Laura Taylor.
Delegates who attend afternoon tutorials will choose between ‘Enterprise risk management and captives' with John Bugalla, managing director of enterprise risk management, Aon Group, and ‘Segregated portfolio companies' with: Mark Anderson, partner, financial capital strategies practice for KPMG; Alan Craig, associate at Walkers, attorneys-at-law; KPMG Cayman Islands principal Douglas C. Harrell; McDermott, Will & Emery partner Tom Jones; John Pitcairn, president and chief operating officer of Mutual Risk Management (Cayman) Ltd., and Kevin Lloyd, CA, insurance practice partner for KPMG. The day will end with a cocktail reception and submarine tour sponsored by KPMG.
Following the chairman's opening remarks, the final day of the conference begins with an examination of investment products and strategies for maximising captives' returns, with speakers Walt Shulitz, director of institutional marketing for Eaton Vance, Carlyle E Justus, first vice-president of international finance for Comerica, and Rip Reeves, and Peter G Wignall, senior vice-president of asset management and managing director of Butterfield Asset Management Ltd respectively.
After the break, speakers Bill Reisbick, system director of risk management for Providence Health System and Cindy Zemann senior vice-president of Marsh) will take on a case study of building a risk financing platform to support growth strategies. Following this, a second case study by Sanford M Brangman, vice- president of risk management for Tenet HealthSystem, will explore the idea of joint defence as it relates to hospital-based physician services.