Cayman Islands Monetary Authority Has Two Top Regulatory Pos

Cayman Islands Monetary Authority Has Two Top Regulatory Posts to Fill Meg Green
The Cayman Islands Monetary Authority has two top regulatory positions to fill in the wake of two top executives announcing plans to leave.

Albert Smith, head of the insurance supervision division, and Dean Wickens, deputy head, both announced plans to leave the authority, said Judy Miller, human resources manager for the authority.

Smith tendered his resignation for personal reasons, effective March 16.

The authority is actively recruiting to fill both positions, and is in the final stages of selecting a deputy head, Miller said.

Wickens, whose contract was ending, gave the authority three months notice. He's joining Heritage, an independent provider of captive management and insurance services, which is expanding in the Middle East, according to the Captive Insurance Company Association.

Heritage received a license to establish a risk and insurance management company based in Manama, Bahrain, according to the company. The new company, Heritage Insurance Management (Bahrain) will provide risk and insurance management solutions to public and private sector companies in Bahrain and the wider Gulf Cooperation Council region, the company said in a statement.

In spite of hardening market conditions, Cayman Islands maintained its position as the second-largest offshore captive insurance domicile, the authority said in its January newsletter. Cayman added 12 new captives to its ranks to reach 777 captives in 2008, the authority said.

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)

Copyright © 2009 A.M. Best Company, Inc. The Cayman Islands Monetary Authority has two top regulatory positions to fill in the wake of two top executives announcing plans to leave.