All eyes on innovation and efficiency

What opportunities do you see for Kensington Management Group and your domicile in the industry over the next year?

Now, more than ever, companies must remain agile and diversify in all aspects of business, including their approach to risk management. Captives offer greater flexibility and more options, especially in a time of uncertainty.

I believe we will see a steady number of new formations, along with mature captives looking to expand coverages and increase limits, while the traditional market struggles through economic uncertainty and capacity constraints.

What is the attraction of domiciling in Cayman?

With nearly 45 years of expertise in the captive arena, Cayman continues to attract high quality business due to its bespoke product and service offerings, flexible regulatory environment and abundance of best-in-class service providers.

Is there still growth potential in the sector?

Coming out of the global COVID-19 pandemic, we have witnessed an increasing need for innovative insurance products and services. Captives continue to provide a unique advantage for those seeking to adopt more aggressive and creative risk management approaches, and include additional lines of coverage and higher retentions.

Do you think the hard market will continue?

I believe it’s reasonable to expect hard market conditions to continue. Inflationary pressures in addition to Hurricane Ian and other catastrophe losses are likely to contribute to property and auto rate increases.

Other casualty lines such as cyber and excess are also likely to remain problematic for commercial insureds.

Workers’ compensation has been virtually the only line to see some softening over the last several quarters, so it will be interesting to see whether persistent inflation has an adverse impact there. Overall, while there has been some market stabilisation this year, continuing inflation and catastrophes could very well change that.

What do you see as the main challenges for Cayman in the year ahead?

Continued growth of US-based domiciles have presented a challenge for several years. However, Cayman’s business-friendly regulatory environment, along with its unmatched ecosystem of professional services and expertise in the financial services industry, remains a significant advantage.

As an award-winner, what would you say are the secrets to your success?

Kensington’s focus on innovation and investment in technology allows us to serve our captive clients at the highest standard. The efficiency gained through greater use of technology allows our team of dedicated professionals to focus on building relationships and providing exceptional customer service.

What advice would you give to the next generation of talent in your sector?

In a fast-paced business environment, never underestimate the value of building genuine relationships, with clients and colleagues alike.