(CNS): Travelling overseas is a critical part of overseeing the Cayman Islands’ financial services sector, Premier André Ebanks said after returning from a series of meetings in New York and Toronto. During those meetings, he and his team focused on deepening relationships and exploring new opportunities for Cayman’s financial services sector, he said.
Ebansk stressed that meetings with reinsurance businesses, investment managers, professional advisers and banking executives provide opportunities to enhance existing connections, establish new ones and discuss how this jurisdiction can support their evolving business needs.
The trip to the US and Canada, which came on the heels of engagements in Dublin and London in September, was part of the work to maintain direct dialogue with leaders in key international markets.
“Strong relationships help us understand where opportunities are emerging and how Cayman can position itself to participate,” Ebanks said. “Meeting directly with business leaders allows us to build on existing connections, introduce Cayman to new audiences and explore opportunities that can contribute to our economy.”
The importance of financial services cannot be underestimated, as it accounts for the greater part of the Cayman Islands’ domestic economy and generates more than half of the government’s annual budget.
Ebanks said that during this latest trip, he met with representatives of reputable reinsurance firms and participated in KPMG’s Cayman Islands Reinsurance Update, discussing developments in Cayman’s framework and engaging with stakeholders on the sector’s outlook.
He also joined Cayman Islands Monetary Authority CEO Cindy Scotland for a fireside chat at the Cayman Islands Reinsurance Roundtable Breakfast, organised by the Cayman International Reinsurance Companies Association. The discussion brought together government and regulatory perspectives on Cayman’s reinsurance priorities and the next steps.
In Toronto, the premier delivered a keynote address at the Alternative Investment Management Association (AIMA) Global Investor Forum under the theme, Cayman: Trust Built Through Change. Responsible. Reliable. Responsive to What’s Next.
He stressed Cayman’s role in international investment, the investment connections between Canada and Cayman, recent tokenised funds legislation and the importance of continued collaboration with AIMA and AIMA-Cayman as the industry evolves.
“Canada and Cayman have established investment connections that provide a strong foundation for further collaboration,” Ebanks said. “We want to build on those relationships and explore how Cayman’s expertise and framework can support new opportunities in the global funds industry.”
He added, “The value of these visits lies in the relationships we sustain and the opportunities we pursue afterwards.”
Parliamentary Secretary Julie Hunter, who was part of the delegation to North America, said the reinsurance feedback will have a tangible impact on the legislative work being carried out by the financial services ministry.
“Cayman’s continued success depends on pairing business development with a credible and effective regulatory framework,” she said. “Hearing directly from reinsurance leaders helps us understand what will support sustainable growth and informs the ministry’s work on the sector’s development.”
Accompanying Ebanks and Hunter throughout the visits were Cayman Islands Government Representative Gene DaCosta and Private Secretary in the Office of the Premier Sean Whewell.