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 C7:30 – 12:00 / Golf Tournament – Blue Tip at The Ritz-Carlton
Sponsored by PRP Performa
1:00 - 2:10 / Tax for Taxable Entities
US Taxation of Cayman Captive Insurance Companies
Michael Domanski -Honigman
Doug Harrell -KPMG
/ Insurance Law - Where are we one year in?
The Insurance Law 2010 came into force on November 1st2012. 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.
Alan Morris -Cayman Islands Monetary Authority
Damian Pentney –PricewaterhouseCoopers
Paul Scrivener -Solomon Harris
James Trundle -Kane (Cayman) Limited
/ Exit Alternatives for Captive Owners
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.
Ray Dowling -Dowling Advisors
Scott Penwell -Rhoads & Sinon LLP
Pedro Reis -Cayman Islands Monetary Authority
2:15 - 3:30 / Tax for Non-Profit and Tax Entities
Richard Irvine –PricewaterhouseCoopers
Tom Jones -McDermott Will & Emery LLP
/ The Importance of a Properly Structured Investment Policy Statement
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 strategies to balance risk management with getting the investment returns a Captive anticipates.
Andy Baron -Butterfield Bank
Wes Carter -Laurier Indemnity
/ Captive & Actuarial 101
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 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
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.
William Cassetta -Honigman, Miller, Schwartz & Cohn LLP
Tom Hermes -Towers Watson
Shulamith Klein -Emory Healthcare
/ The Canadian and Latin American Markets Explored
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.
Nick Leighton, Moderator -Atlas Insurance Management
Simon Owen -Folio Insurance Management Cayman Ltd.Stephen White -Kane (USA) Inc / Review of Accounting Pronouncements
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.
Carrie Brown –Deloitte
Melanie Snyman–PricewaterhouseCoopers
David Watt -KPMG
5:30 - 7:00 / Welcome Reception at The Ritz-Carlton North Sound Pool
Sponsored by Butterfield Bank
Wednesday December 4th, 2013
6:30 - 7:30 / Morning Jogstarting at Periwinkle at the back of The Ritz-CarltonSponsored by Vanguard
7:30 – 8:25 / Breakfast in the Tent on the Great Lawn
Sponsored by XL Group
8:30 – 8:40 / Chairman’s Opening Remarks
8:45 – 8:55 / Cayman IslandsGovernment 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
10:05 – 10:30 / Coffee Break -Sponsored by Greenlight Re
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 marketleading 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 risksfacing 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
Track A / Track B / Track C
2:00 – 2:55 / Toxic Tail: Strategies for Managing Old Exposures When Purchasing New Practices
Many hospitals and health-systems are purchasing 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 formanaging tail exposure.
Mary Anne Hilliard -Children's National Medical Center
Mike Poe -Towers Watson
Larry Smith -Med Star Health
/ Partnership for Patient Safety
In 2002, Baptist Health South Florida embarked on its patient 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.
Geri Schimmel -Baptist Health South Florida
Yvonne Zawodny -Baptist Health South Florida
/ Using an SPC to insure an Owner Controlled Construction Program for a Hospital system
The use of an SPC provided a short term 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.and Captive Resources, LLC
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
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 Self-funded Liability Risk, and Insurance Tools.
Sandra Boillot -Ascension
Jeremy Brigham -Towers Watson
Jeffrey P. Devron -Marsh
/ Aligning Hospital Quality and Patient Safety with the Malpractice Experience
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 SIMulationCenter. 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.
Ed Christiansen -Boston Medical Center
Keith Lewis -Boston Medical Center
/ WC and Non-Subscription Markets and Solutions Explored
The panel will explore what's happening in the WC and Non-Subscription markets and will identify trends, discuss optimal program structures as well as focus on the difference between WC and Non-Subscription.
Tom Adams -Owner Operator Services
Michael Meehan –Milliman
Ann Marie Towle -Willis
5:15 - 5:30 / Transportation to Camana Bay
5:30 – 7:00 / Networking Reception at Camana Bay
Sponsored byAdvantage International Management (Cayman) Ltd.
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-CarltonSponsored by Vanguard(click here for details)
7:30 – 8:25 / Breakfast in the Tenton 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
Sponsored by the Beazley Group
10:05 – 10:30 / Coffee Break -Sponsored by Greenlight Re
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
Track A / Track B / Track C
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.
Becky Havlisch -Trinity Health
Mark Karlson -Marsh USA
Holly Meidl -Marsh USA
Sarah Pacini -Advocate Health
Mark Scher -KPMG
/ Evaluating Claims using Decision Tree Analysis
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 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
/ Insuring Health Benefits in a Group Captive
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 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.and Captive Resources, LLC
3:20 – 4:15 / Is There a Place in My Captive for Employer Medical Stop Loss?
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.
Lauree Barreca -The Johns Hopkins Health System
Dana Cary -RCM&D
Kevin Carnell -RCM&D
Eric Melchior -Greater Baltimore Medical Center
/ Investment Planning Considerations in our Changing Markets
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 risk-adjusted returns.
Carl Terzer, Moderator -CapVisor Associates
Tom Stewart, Moderator -Innovative Captive Strategies
Hugh Barit -PRP Performa Ltd.
Ed Goard -Munder Capital Management
Gareth Pulman -Royal Bank of Canada
Brian Wimmer-Vanguard
/ Update on US Federal and State Tax Issues
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.
P. Bruce Wright -Sutherland Asbill & Brennan LLP
Tom Jones -McDermott Will & Emery LLP
4:20 – 5:15 / Caribbean Catastrophe Risk Insurance Facility a Captive for All Seasons
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.
Isaac Anthony -Caribbean Catastrophe Risk Insurance Facility William Dalziel -London & Capital Asset Management / Corporate Governance and Risk Management for Captive Insurers
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.
Alan Craig –Campbells
Jeffrey S. Grange -QBE North America
John Ramsey -Marsh (Cayman)
Sonja Wilcox -Oakwood Hospital
/ Collateral Options: Features, Benefits, Limitations of Each
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.
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
6:00 – 9:00 / Closing Networking Reception on Seven Mile Beach at The Ritz-Carlton
Sponsored by PricewaterhouseCoopers
Cigar & Ice Bar Sponsored by LSG
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 ReceptionSponsored by Integro Insurance Brokers
Friday December 6th, 2013