ITA hires Allison Clark as Vice President and receives approval from Cima to self manage
GRAND CAYMAN, CAYMAN ISLANDS, July 6, 2010 - Investors Trust Assurance SPC (“ITA”) today announced that Allison Clark has been hired as its new Vice President of Cayman Islands Insurance Operations. Ms. Clark is recognized for her professionalism within the insurance industry having served many years as a liaison with legal counsel, regulators and service providers to ensure compliance with local Cayman Islands laws and regulations.
“We are proud to have Allison join our company bringing more than 17 years of financial experience to the table,” ITA Director William Zelaya explained. “Allison possesses the industry experience that will allow us to improve our offshore insurance operations to meet our client needs.”
“Grand Cayman has been our home for nearly 10 years, and it’s exciting to expand our presence in the Cayman Islands,” said Mr. Zelaya. “Our expanded presence in Grand Cayman will further strengthen our collaboration and communications with the Cayman Islands Monetary Authority (“CIMA”), helping us to continue to adapt to the ever-changing global market.”
In her new position, Ms. Clark is responsible for overall management of administrative, logistics and human resources support functions for the insurance operations for the Company in the Cayman Islands. She will also liaise with the Cayman Islands Monetary Authority, the Company’s local legal counsel and audit/accounting firm, as the Company’s local insurance executive.
The recruitment of Ms. Clark to head the Grand Cayman office reflects the continued growth of ITA, and follows up the appointment of Alan Brooks and Bryan Murphy as Cayman Islands resident, independent directors.
In connection to Ms. Clark’s appointment, the Cayman Islands Monetary Authority has granted ITA a dispensation from the requirement to engage a third party service provider to act as insurance manager (which is a standard requirement under the Insurance Law) on the basis that ITA maintains a principal office and suitably qualified staff in the Cayman Islands appropriate to the conduct of its insurance operations. Accordingly, as of July 1, 2010, Marsh Management Services Cayman Ltd. no longer serves as the insurance manager for ITA. “We are proud of the confidence in us this decision by CIMA infers and are pleased to be expanding our presence in the Cayman Islands,” said Mr. Zelaya.
According to Clayton Price, Managing Director of Marsh Management Services Cayman Ltd., “We are pleased to have served as the insurance manager for ITA these past several years and wish them the best success as it enters a new era.”
Similarly, KPMG Director of Audit Dara Keogh said he has seen the Company grow significantly since its incorporation in 2002 and noted the strengthening of the Company’s profile in the external environment over the past number of years, which has allowed ITA to get the dispensation from the Cayman Islands Monetary Authority.
Prior to ITA, Ms. Clark, from 2006 to 2010, served as Assistant Vice President at Marsh Management Services Cayman Ltd. She also served as Vice President/Managing Director, from 2000 to 2006 at MONY Life Insurance Company of the Americas, (Cayman Islands) Ltd. Ms. Clark holds a BS degree in Finance and Management from the State University of New York at Albany (SUNY-Albany).