In a recent interview with Reinsurance News, Greg Richardson, Chief Executive Officer of Greenlight Re, stated that the Cayman Islands is an “advantageous environment,” particularly for tech-driven (re)insurance start-ups.
“Speaking from a P&C standpoint, Greenlight Re has a meaningful presence in Cayman as a P&C reinsurer. On a global scale, though, we’ve been able to distinguish ourselves within the innovation space, and I think part of that is because of our size and agility which aligns well with Cayman’s strengths,” he said.
Moving towards the topic of reinsurance, Richardson explained why it is currently going through a booming period across Cayman.
“I think it’s always been a major captive domicile. Regulatory barriers to entry have increased around the world, and my thought is that the Cayman Islands remains business friendly, very professional, and transparent. My impression is that the Cayman Islands’ regulatory environment is also attractive to new entrants because it is proportionate, risk-based, and flexible in terms of capital modeling, investment holdings, and adopting generally accepted accounting standards.”
“The Cayman government and business community have worked extraordinarily hard and earnestly to establish its global reputation. It’s ‘brand’ and reputation are critically important, and they will endeavor to protect that,” he continued.
Additionally, CIMA, the primary insurance and financial services regulator in the Cayman Islands recently announced that it is pursuing NAIC equivalency. Richardson went on to explain what this could mean for a reinsurer like Greenlight Re.
“For a P&C reinsurer like Greenlight Re, NAIC equivalency would be extremely valuable, and would also add another layer of validation and recognition to the Cayman Islands as a jurisdiction,” he said.
Moving forward, we then asked Richardson about his thoughts on artificial intelligence and how it’s being used across the re/insurance sector.
“I believe that in both insurance and reinsurance there will always be a balance between human knowledge and the ability to automate predictions and analysis in decision-making.
“AI is a long way away from eliminating human decision-making in insurance, as we are still very much an industry that depends on people. However, we are seeing increased use of AI to drive efficiency, and in some cases, automate the most clear-cut underwriting decisions.”
He noted that AI/Machine Learning is also being applied in many ways to enhance operations, ultimately reducing dependency on low value-added tasks, while also creating more opportunities for high-skilled knowledge workers.
“These technologies will make Cayman an even more attractive place to do business, and at the same time, potentially create attractive and new career opportunities for local residents,” Richardson concluded.
Richardson joined Greenlight Re in January 2024, following the departure of former CEO Simon Burton, at the end of 2023.
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Publish date : 2024-10-07 02:30:00
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