AGENDA – Cayman Captive Forum
Tuesday 3rd December – Friday 6th December 2013
The Ritz Carlton, Grand Cayman
Tuesday December 3rd, 2013
Tutorial A
Tutorial B
Tutorial C
7:30 – 12:00
Golf Tournament – Blue Tip at The Ritz-Carlton
Sponsored by PRP Performa www.performa.bm
1:00 - 2:10
Tax for Taxable Entities
Insurance Law - Where are
we one year in?
Exit Alternatives for Captive
Owners
US Taxation of Cayman
Captive
Insurance
Companies
The Insurance Law 2010 came
into force on November 1st
2012. One year later, the Panel
will provide an update including
the practical implementation of
the Law, how the sub-classes
of the B licence are working
out, solvency and future
developments in that area,
SPCs and PICs and an insight
on the Law from an auditor's
perspective.
Exit alternatives for captive
owners
including
sale,
novation
and
reinsurance
solutions will be discussed.
Additional topics covered will
include accounting, claims,
actuarial, tax, liquidity and
regulatory considerations.
Michael Domanski Honigman
Doug Harrell - KPMG
Alan Morris - Cayman Islands
Monetary Authority
Damian Pentney –
PricewaterhouseCoopers
Paul Scrivener - Solomon
Harris
James Trundle - Kane
(Cayman) Limited
2:15 - 3:30
Tax for Non-Profit and
Tax Entities
Richard Irvine –
PricewaterhouseCoopers
Tom Jones - McDermott
Will & Emery LLP
Ray Dowling - Dowling
Advisors
Scott Penwell - Rhoads &
Sinon LLP
Pedro Reis - Cayman Islands
Monetary Authority
The Importance of a Properly
Structured Investment Policy
Statement
Captive & Actuarial 101
Regulators, including CIMA,
have a variety of guidelines for
an
insurance
company's
Investment strategy and asset
allocation.
Some
of
the
guidelines are helpful, but not
all regulatory guidance helps a
Captive to structure a policy
that is right for them. The
session will deal with tips and
Everything you wanted to know
and were afraid to ask.. An
introductory session to cover
practical guidelines on legal,
actuarial
and
regulatory
matters during the formation
and operational stages of a
new captive.
Joe Herbers - Pinnacle
Tutorial A
Tutorial B
Tutorial C
strategies to balance risk
management with getting the
investment returns a Captive
anticipates.
Andy Baron - Butterfield Bank
Wes Carter - Laurier Indemnity
Actuarial Resources
Julie Robertson - Honigman,
Miller, Schwartz & Cohn LLP
Fiona Moseley - Advantage
International Management
(Cayman) Ltd.
3:30 – 3:45
Coffee Break
3:45 – 5:00
Healthcare Captives Dealing with the "New
Normal" in Healthcare
The Canadian and Latin
American Markets Explored
Review of Accounting
Pronouncements
With full implementation
of Obamacare nearing
and a firming commercial
insurance
market,
captives
are
being
challenged to meet the
evolving
risk
mitigation/financing
needs of an increasingly
complex
healthcare
delivery system.
The panel will discuss both the
Canadian and Latin American
markets, the business climate
and regulations and why
Cayman is an attractive place
to do business.
The Panel consists of audit
partners/directors from various
audit firms representing CISPA
that operate within the Cayman
insurance industry. The panel
will provide an update on
relevant changes in US GAAP
or IFRS pronouncements for
insurance companies during
2013 and discuss "hot topics"
such as insurance contracts,
reserving and the fair valuing
of financial assets.
William Cassetta Honigman, Miller,
Schwartz & Cohn LLP
Tom Hermes - Towers
Watson
Shulamith Klein - Emory
Healthcare
5:30 - 7:00
Nick Leighton, Moderator Atlas Insurance Management
Simon Owen - Folio Insurance
Management Cayman Ltd.
Stephen White - Kane (USA)
Inc
Welcome Reception at The Ritz-Carlton North Sound Pool
Sponsored by Butterfield Bank www.butterfieldgroup.com
Carrie Brown – Deloitte
Melanie Snyman –
PricewaterhouseCoopers
David Watt - KPMG
Wednesday December 4th, 2013
6:30 - 7:30
Morning Jog starting at Periwinkle at the back of The Ritz-Carlton
Sponsored by Vanguard www.vanguard.com
7:30 – 8:25
Breakfast in the Tent on the Great Lawn
Sponsored by XL Group http://xlgroup.com
8:30 – 8:40
Chairman’s Opening Remarks
8:45 – 8:55
Cayman Islands Government Welcome
9:00 – 10:00
Keynote - Jordan Belfort - Jordan’s two international bestselling memoirs, The Wolf of Wall
Street and Catching the Wolf of Wall Street, have been published in over forty countries and
translated into eighteen languages. His life story is currently being turned into a major motion
picture, with Leonardo DiCaprio to star and Martin Scorsese set to direct.
Sponsored by Wells Fargo Insurance Trust www.wellsfargo.com/insurancetrust
10:05 – 10:30
Coffee Break - Sponsored by Greenlight Re www.greenlightre.ky
10:35 – 11:40
Market Panel - What's Keeping You Up at Night? The Latest Buzz in the Market
This panel promises to provide a lively exchange of ideas and opinions on such wide ranging
insurance industry topics as where the market is going, what new products are on the horizon,
what valuable enhancements are being made to existing products and what's the latest news
from various market-leading carriers. A rapid fire format will keep the information flowing as all
panel participants weigh in on a wide variety of issues.
Tom Zacharopoulus, Moderator - Integro
Brendan Barry - Greenlight Re
Brian First - Sparta
Judy Hart - Endurance Risk Solutions, Ltd. (Bermuda)
Nigel Malcolm - Chaucer Syndicate
11:45 – 12:55
Worrying Trends Emerge in Global Risk
Risk leaders are struggling to identify and manage the major risks facing their organizations.
Drawing from the results of Aon's biannual Global Risk Management Survey, the presentation
will discuss the top 10 risks as well as hidden risks facing organizations today, illustrating the
importance of no longer evaluating risk in isolation but considering the relation of risks to
establish and maintain a successful risk management program. The 2013 Aon Global Risk
Management Survey points to a significant decline in risk readiness among many of the survey
respondents.
Peter Mullen - CEO, Aon Captive & Insurance Management
1:00 – 1:55
Lunch in the Tent on the Great Lawn
Sponsored by Zurich www.zurichna.com
Track A
2:00 – 2:55
Track B
Toxic Tail: Strategies for
Managing Old Exposures
When Purchasing New
Practices
Partnership for Patient Safety
Many hospitals and healthsystems are purchasing
In 2002, Baptist Health South
Florida embarked on its patient
Track C
Using an SPC to insure
an Owner Controlled
Construction Program
for a Hospital system
The use of an SPC
provided a short term
physician
practices,
employing the doctors and
bringing the tail PL risk into
self-insurance or captive
programs. The fortunate risk
professionals
are
being
asked about tail exposure
before the purchase. In this
session you will hear from
seasoned risk professionals
on strategies for managing
tail exposure.
safety journey, charting a course
to inculcate a philosophy of
patient
safety
inspiring/educating all employees
/physicians / patients. This
presentation will highlight our
journey of patient safety and
proactive
risk
management
including our shared learning,
patient/family centered care,
disclosure
and
claims
management.
Mary Anne Hilliard Children's National Medical
Center
Mike Poe - Towers Watson
Larry Smith - Med Star
Health
Geri Schimmel - Baptist Health
South Florida
Yvonne Zawodny - Baptist
Health South Florida
solution to insure various
construction risks such
as Builders Risk, General
Liability, Workers comp,
and pollution for a
number
of
Hospital
construction
projects.
The total value of $250
million over 5 years. As a
result,
the
hospital
system
has
saved
approximately
$3.7
million.
Shawn Evans - DC Risk
Solutions SPC
Steve Walter Community Medical
Centers
3:00 – 3:15
Ice Cream Break
Sponsored by Kensington Management Group, Ltd. www.kensingtonmanagement.ky and
Captive Resources, LLC www.captiveresources.com
3:20 – 4:15
Healthcare Captives as a
Tool for Quality
Improvement & Much More
While healthcare captives
have long been recognized
as a strategy for reducing
premiums, often overlooked
is their tremendous potential
as a tool for improving
quality in patient care. This
presentation
will
outline
strategies for realizing this
potential, as well as reducing
risk and liability, supply chain
improvement and enhancing
physician loyalty.
R. Matthew Neff - IU Health
Assurance, Ltd.
Norman G. Tabler, Jr. Faegre Baker Daniels
Multi-hospital Group Owned
Captive - Optimizing the
Captive and Services in the
New Landscape of Healthcare
Reform in the USA
Health Care Casualty Insurance
Limited (HCCI) is a multi-hospital
owned
captive
insurance
company domiciled in the
Cayman Islands. This program
demonstrates the power of the
group-owned captive model and
the extent that the members
have used the insurance vehicle
and the Risk-Quality-Safety and
Patient
Safety
Organization
services to support necessary
changes in this era of healthcare
reform in the USA.
Anna Hajek - Dorada
Tim Rice - Cone Health
Mark O'Bryant - Tallahassee
Memorial HealthCare
Rick Becker - Clarity Group, Inc.
Achieving Best Value &
Claims Total Outcomes
by Controlling Budgets
Outside
supplier
/
vendors
/
experts
attribute a significant
proportion of cost to
captive
owners
throughout the claims
process, whether inside
the SIR or once a carrier
is involved. This session
aims to explore how
captives
deal
with
external suppliers, as
relates to their bottom
line, claims ratios and
reserving policies.
Bill Chapman - Gallagher
Bassett Services
Kip Daniels - Compliance
& Education
Gary R Markham - LSG
4:20 – 5:15
Risks that can Impact the
M&A Transaction- How
your Captive can Support
the Deal Activity
Aligning Hospital Quality and
Patient Safety with the
Malpractice Experience
WC and NonSubscription Markets
and Solutions Explored
The rate of M&A activity in
the healthcare industry has
never been higher. What are
the best practices in deal
due diligence from an
insurance, actuarial, and
business perspective. The
panel will discuss Deal
Process, Regulatory Risk,
Reimbursement,
Compliance,
Government
Approvals, Insured and Selffunded Liability Risk, and
Insurance Tools.
Boston
Medical
Center
leadership will describe the
collaboration
between
the
hospital, the Faculty Practice
Plan and the Captive in
developing
the
design,
infrastructure, support and role of
Boston Medical Center's hospital
based
SIMulation
Center.
Outcomes that will minimize error
and liability will be discussed.
The Captive provides grant
support for this multidisciplinary
efforts success and the Captive
Board monitors the SIM Centers
progress.
The panel will explore
what's happening in the
WC
and
NonSubscription markets and
will
identify
trends,
discuss optimal program
structures as well as
focus on the difference
between WC and NonSubscription.
Sandra Boillot - Ascension
Jeremy Brigham - Towers
Watson
Jeffrey P. Devron - Marsh
Tom Adams - Owner
Operator Services
Michael Meehan –
Milliman
Ann Marie Towle - Willis
Ed Christiansen - Boston
Medical Center
Keith Lewis - Boston Medical
Center
5:15 - 5:30
Transportation to Camana Bay
5:30 – 7:00
Networking Reception at Camana Bay
Sponsored by Advantage International Management (Cayman) Ltd. www.aih.com.ky
7:00 - 7:15
Transportation back to The Ritz-Carlton Hotel
Thursday December 5th, 2013
6:30 - 7:30
Morning Jog starting at Periwinkle at the back of The Ritz-Carlton
Sponsored by Vanguard www.vanguard.com (click here for details)
7:30 – 8:25
Breakfast in the Tent on the Great Lawn
Sponsored by the Cayman Islands Government
8:30 – 9:05
The Regulator - State of the Cayman Insurance Industry
Patrick Bodden - Cayman Islands Monetary Authority
9:10 – 10:00
How to Protect Your Organization from Computer Crime
Michael Bazzel - Computer Crime Specialist.
This session focuses on recent trends of online fraud, internet scams, and ways that data is
stolen. The presentation includes the details of how hackers commit their crimes and what any
person or business can do to protect themself. The audience will learn immediately how
password hackers, email scams, cellular telephones, security questions, and malicious
software are an emerging threat against them. Live examples of 'hacking' into information will
be presented to the audience, while detailed solutions will be displayed on how to stop the
threat. See http://computercrimeinfo.com/bio.html
Sponsored by the Beazley Group www.beazley.com
10:05 – 10:30
Coffee Break - Sponsored by Greenlight Re www.greenlightre.ky
10:35 – 11:40
International Tax Initiatives: Where do we stand today?
Anthony Travers - Travers Thorpe Alberga
Mr. Travers will explore the current state of play with the OECD, review the latest
developments, contemplate the relationship with the U.K. and discuss the way forward for the
Cayman Islands as an offshore financial center.
11:45 – 12:45
Expect the Unexpected
Lynn Phillips - Professional Rodeo Announcer
What do fighter pilots, bull riders, offshore drilling crews and captive insurance companies have
in common? Find out in this entertaining and thought provoking session.
12:50 – 1:55
Lunch in the Tent on the Great Lawn
Sponsored by Grant Thornton www.ky.gt.com
Track A
2:00 – 2:55
Healthcare Captives 2023
With
the
significant
reshaping of healthcare
over the next decade, how
will captives change in
ownership, structure and
financing to play a more
integral role in the changing
organizations.
Track B
Track C
Evaluating Claims using
Decision Tree Analysis
Insuring Health Benefits in
a Group Captive
This session will review
Zurich's
methodology
for
setting claims reserve using
decision tree analysis in a
complex medical malpractice
scenario. The techniques
allow claims professionals to
The
panellists
will
be
discussing
the
recent
successful implementation of
a health insurance captive in
the Cayman Islands from the
perspective of the captive
consultant, and two captive
Becky Havlisch - Trinity
Health
Mark Karlson - Marsh USA
Holly Meidl - Marsh USA
Sarah Pacini - Advocate
Health
Mark Scher - KPMG
explain and quantify the
factors they consider when
setting reserves. Attendees
will work through a case study
of a liability, allocation and
damage analysis to determine
appropriate case reserves.
Robert Bartolone - Zurich
Susan Beutel - St. John
Providence Health System /
Ascension
Dan Nash - Zurich
members, the President of
the captive, and Board
members. Topics to be
discussed
will
include
working successfully with the
reinsurance provider, going
beyond the basic policy
benefits to promote wellness,
and working together as a
Board.
Dixon Abell - Well Health
Insurance, Ltd.
Ernie Achtien - Captive
Resources LLC
Doug Hayden - Captive
Resources LLC
3:00 – 3:15
Ice Cream Break
Sponsored by Kensington Management Group, Ltd. www.kensingtonmanagement.ky and
Captive Resources, LLC www.captiveresources.com
3:20 – 4:15
Is There a Place in My
Captive for Employer
Medical Stop Loss?
Investment Planning
Considerations in our
Changing Markets
Update on US Federal and
State Tax Issues
The panel will present the
different ways captives
have been used to provide
medical stop loss coverage
for employee health plans.
They will explore the pros
and cons of the various
approaches
and
the
business case for accepting
this type of risk at various
limits - or not at all.
With the markets at or near a
possible inflection point it is
critical to re-examine a
Captive's investment plan.
What worked in the past may
not in the future. Does your
current
documentation
support the flexibility that
might be required to adapt to
structural changes in the
marketplace and capitalize on
opportunities or avoid pitfalls?
We will examine the US and
Global economies and the
possible impact on the
markets. Participants can gain
insights as to strategic and
tactical
asset
allocation
adjustments that can serve to
improve downside protection
and produce better riskadjusted returns.
This session will analyze
recent captive federal tax
litigation addressing risk
distribution, business versus
insurance
risk,
and
cascading FET as well as
recent
IRS
guidance
involving risk pools. On the
state level, the presentation
will include discussion of the
continuing fallout from the
Dodd-Frank
NRRA
provisions (e.g., the Texas
proposed rule to impose a
tax equal to direct placement
tax on captives insuring
Texas business) and states'
novel attempts to impose
income tax on out-of-state
captives.
Lauree Barreca - The Johns
Hopkins Health System
Dana Cary - RCM&D
Kevin Carnell - RCM&D
Eric Melchior - Greater
Baltimore Medical Center
Carl Terzer, Moderator CapVisor Associates
Tom Stewart, Moderator -
P. Bruce Wright - Sutherland
Asbill & Brennan LLP
Tom Jones - McDermott Will
& Emery LLP
Innovative Captive Strategies
Hugh Barit - PRP Performa
Ltd.
Ed Goard - Munder Capital
Management
Gareth Pulman - Royal Bank
of Canada
Brian Wimmer - Vanguard
4:20 – 5:15
Caribbean Catastrophe
Risk Insurance Facility a
Captive for All Seasons
Corporate Governance and
Risk Management for
Captive Insurers
Collateral Options:
Features, Benefits,
Limitations of Each
The panel will outline the
history of the CCRIF and
explain the issues in dealing
with stakeholders, other
participating countries and
donors. The panel will also
explain
Parametric
Insurance, how the loss
model has evolved, new
products
offered,
the
reinsurance structure and
how the captive is used to
leverage pricing. Lastly it
will be explained how the
CCRIF investment portfolio
is managed and the use of
hedging
techniques
to
manage portfolio volatility.
The presentation will address
risks facing Directors &
Officers in the Cayman
Islands.
Existing
and
emerging avenues of potential
personal legal liability of
Cayman Directors & Officers
will
be
identified.
The
limitations
of
corporate
indemnification and Directors
& Officers liability insurance
from onshore corporate parent
organizations will be exposed.
Best
practices
for
risk
mitigation & and risk transfer
will be discussed.
This session will focus on
the various alternatives
available to captive owners
with regard to collateral.
Given that there are
currently three viable
alternatives, this session will
use the experience of an
insurance carrier and a
captive attorney to discuss
the advantages and
disadvantages of each. This
will include frictional costs,
accounting treatment, set-up
times, rates of return on
associated investment
accounts, and various
treasury related issues. We
will also encourage audience
participation to discuss what
lead to their decision on their
collateral mechanism.
Isaac Anthony - Caribbean
Catastrophe Risk Insurance
Facility William Dalziel London & Capital Asset
Management
6:00 – 9:00
Alan Craig – Campbells
Jeffrey S. Grange - QBE
North America
John Ramsey - Marsh
(Cayman)
Sonja Wilcox - Oakwood
Hospital
Robert Quinn, Moderator –
Wells Fargo Collateral Trust
Services
Eric Lark - Kerr, Russell &
Weber PLC
Michael Ramsey - Wells
Fargo Collateral Trust
Services
Peter Rapciewicz - AIG
Insurance
Closing Networking Reception on Seven Mile Beach at The Ritz-Carlton
Sponsored by PricewaterhouseCoopers www.pwc.com
Cigar & Ice Bar Sponsored by LSG www.lsg.com
Note: Admission will require a wristband which can be collected by delegates at registration.
Additional wristbands should be ordered for spouses and guests.
7:30 – 7:40
Fireworks during Networking Reception Sponsored by Integro Insurance
Brokers www.integrogroup.com
Friday December 6th, 2013
8:00 - 1:00
Golf Tournament - Blue Tip at The Ritz-Carlton
Sponsored by PRP Performa www.performa.bm