IMAC Scholarship Foundation Receives $50,000 Donation

George Town, Grand Cayman, 22 March 2013

The captive insurance industry has rallied around the local Cayman community once again.
Churchill Casualty Ltd, a Cayman-domiciled captive insurance company, celebrated its 20th anniversary at the Ritz Carlton Grand Cayman this year. The Board of Directors wanted to celebrate and commemorate this important milestone in a meaningful way, and on the advice of its insurance manager, Kensington Management Group Ltd, Churchill elected to donate US$20,000 to the Insurance Managers Association of Cayman (IMAC) Scholarship Foundation.

In support of their client, Kensington Management supplemented the gift with an additional US$10,000, which sparked Churchill’s other service providers and shareholders to join in. Gallagher Bassett and Churchill shareholders, C-Line Products, Inc., Supply One, Inc., and Family Food Products Inc. each contributed US$5,000, bringing the grand total of the donation to US$50,000.

Michael Gibbs, President of Kensington Management Group elaborated on the Board’s decision: “After 20 years of doing business in the Cayman Islands and visiting regularly for meetings, the board members have come to think of Cayman as a second home and they wanted to contribute to this community in a way that would leave a lasting impact. This combined contribution will educate a young Caymanian and that is a true gift”.

Churchill Casualty is a member-owned group captive that was incorporated in Cayman in 1992 and has grown to where it is now the sixth largest policyholder-owned alternative risk facility globally (as rated by Business Insurance magazine), with over 115 active participants throughout the USA, generating annual premiums of over $100 million.

In existence since 1994, the IMAC Scholarship has raised almost $2 million, and has sent 24 Caymanian students to complete post-secondary education. Scholarship recipients may study in any field, the only requirement other than maintaining requisite grade-point averages is that the students return to Cayman to pursue careers in their respective fields. Samantha Dorman is the most recent graduate, receiving a Bachelor of Veterinary Science (BVSc) at Massey University in New Zealand. “I am very excited to now be able to contribute to the Cayman community as a qualified professional, and am most grateful to the Scholarship fund and IMAC for assisting me in turning a childhood dream into what I can now call my career”, said Samantha.