Leading bank specialists from New York and Switzerland were in the Cayman Islands recently for the launch of Deutsche Bank's enhanced service for the captive insurance market.
Already a leading provider of captive insurance solutions, Deutsche Bank signalled a renewed commitment to the captive market in the Cayman Islands at its launch event a fortnight ago.
Jean-Claude Emard, Regional Country Head at Deutsche Bank (Cayman) Limited, hosted the event at the Wharf restaurant on the Seven Mile Beach where he introduced a series of specialist presentations.
Mark Hirst, Chief Executive, Deutsche Bank Offshore Group, was also in Cayman for the event to reinforce the Bank's willingness to invest in this key sector of Cayman's finance industry.
The senior bankers from Deutsche Bank Private Wealth Management who were in Cayman for the event included Kevin Carey, Managing Director of Fixed Income Management; Leonardo Reos, Vice President, Structured Products and John Marson, a Director, Private Wealth Management - Lending USA, to help provide a rounded picture of the Bank's capabilities to this sector.
Svein Floden, Vice President, Private Wealth Management Geneva, was also on the platform to explain how hedge funds can add value to a captive's investment portfolio.
Mr Emard said the Cayman Islands is well placed as a captive insurance jurisdiction.
"Cayman has long been one of the leading jurisdictions for captive insurance and Deutsche Bank has been a provider of services for the captive industry here for many years also.
"However, it is important that we respond to a changing marketplace and evolve our products and service accordingly and so we are delighted to demonstrate our commitment to this important sector for Cayman with the launch of our enhanced offering today.
"We have brought in an impressive range of specialists speakers from New York and Geneva to illustrate the extensive breadth of expertise that we can call upon internationally to meet the needs of the intermediaries in Cayman servicing the captive market."
Janet Hislop, Head of Institutional & Intermediary Business at Deutsche Bank (Cayman), said a lot of resources have been invested in captive insurance.
"In recent months we have invested considerable resources into enhancing and expanding our captive insurance solution and we now have an offering which enables us to work more closely with captive insurance managers to tailor solutions for their clients," she said.
The event, which attracted more than 50 Captive Insurance Managers alongside senior bank staff, concluded with a golf tournament, reception and prize giving.
One of the star prizes included a trip to the Deutsche Bank Championships in Boston, where Tiger Woods is the current champion.