AGP Executive Report

Cayman Finance & Regulation: CIMA revoked Progressive Grocers Insurance SPC’s Class B(ii) licence effective 1 September after the captive missed licence fees and penalties, fell short on solvency margin and failed to file audited 2024 financials, with an appeal route to Grand Court. Ratings Update: AM Best removed GUNA Re (Cayman) from “under review with negative implications” and affirmed A- (Excellent) and a- (Excellent) with a stable outlook after ITOCHU capital support restored its balance-sheet strength. Insurance Industry Support: IMAC kicked off its annual gala silent auction to fund the IMAC Educational Scholarship Fund, with bidding open to the public until 8pm on 12 September. Corporate Moves: Phaos Technology Holdings (Cayman) reported results of its Aug. 31 extraordinary general meeting, approving a share capital increase, 15-for-1 share consolidation and related governance changes. Local Business & Talent: Enterprise Cayman and DMZ added Eightpoint Technologies as a Programme Partner for the 14-week Launch Labs Incubator starting 1 September. Crypto Compliance: BTCC highlighted a Sumsub case study on its identity and AML setup, including fast automated verification and ongoing security controls. Community & Safety: RCIPS reported a serious-but-stable condition after a single-vehicle crash in West Bay on 2 September, and urged anyone with information to contact police. Tourism Pulse: Cayman welcomed 333,747 overnight guests Jan–July, up 11% year-on-year, with stay-over growth continuing despite a July cruise decline.

Retirements & Public Service: Mervyn Conolly, Superintendent of Health Insurance, is retiring after more than 45 years in Cayman’s civil service, including major leadership roles in healthcare expansion and the insurance regulatory framework. Road Safety: RCIPS investigated a single-vehicle crash on Esterley Tibbetts Highway near Safehaven Drive; the driver is in serious but stable condition and the Traffic and Roads Policing Unit is following up. Insurance Regulation: CIMA revoked Progressive Grocers Insurance SPC’s Class B(ii) licence effective 1 September, citing unpaid fees/penalties, solvency margin failures, and missing audited financial statements; the decision can be appealed to the Grand Court. Tourism Numbers: Cayman recorded a record 333,747 overnight guests from January to July (up 11% on 2025), with stay-over growth offsetting a July cruise decline. Aviation Customer Service: Cayman Airways partnered with Protect Group to roll out “Refund Protect” across routes and markets. Tech & Finance Ecosystem: Enterprise Cayman and DMZ’s Launch Labs incubator adds Eightpoint Technologies as a programme partner; Bit Origin rebranded to SANGRIX (Cayman exempted) ahead of Nasdaq trading under a new ticker. Local Business & Crime: RCIPS says a Jamaican wanted in Cayman for attempted murder is in custody in Jamaica after being rescued at sea and is awaiting extradition. Global Markets Watch: Reuters reports Chinese banks are buying US Treasuries after lifting dollar deposit rates, while Norway’s sovereign fund is pushing to cut Treasury exposure.

Reinsurance Board Moves: Greenlight Capital Re names John Welch as an independent director, adding to Ariel Warszawski’s recent AGM election. Corporate & Capital Markets: NT1 Pty Ltd signs a merger deal with Plutonian Acquisition Corp II, with a Cayman Islands exempted company set to list on the NYSE in 2027. Travel & Tourism: Cayman Airways rolls out “Refund Protect” across routes and markets, letting passengers upgrade for enhanced refund terms. Local Economy & Housing: The Auditor General says housing remains unaffordable for most Caymanians and government programmes don’t deliver favorable pricing. Public Safety: RCIPS says a Jamaican wanted in Cayman for attempted murder was rescued at sea, is in custody in Jamaica, and faces extradition. Visitor Numbers: Cayman records its ninth straight month of stayover growth, with July arrivals up 10% year-on-year. Healthcare Pipeline: Doctors Hospital launches a two-year apprenticeship programme to train young Caymanians for healthcare support roles. Regional Spotlight: Nevis takes parliamentary governance discussions to the Commonwealth Parliamentary Association conference in Jamaica. Global Finance Tech: Harneys and droppRWA team up to bring on-chain legal title to Bermuda’s insurance-linked securities market.

Housing Watch: The Auditor General says Cayman’s affordable housing push isn’t delivering value for money, with rents and mortgage costs far outpacing what most Caymanians can afford. Tourism Numbers: Cayman logged 45,053 stayover visitors in July 2026, up 10% year-on-year, marking a ninth straight month of growth. Public Safety: RCIPS is seeking the public’s help after a Jamaican man wanted in Cayman for attempted murder was rescued at sea and is now in custody awaiting extradition. Air Travel Perks: Cayman Airways is rolling out “Refund Protect” across all routes and markets via Protect Group, offering enhanced refund terms at checkout. Local Sports: Cayman’s Men’s National Team has been drawn into CONCACAF Nations League League B Group A, starting 24 September in Dominica. Community & Training: Doctors Hospital launched a two-year apprenticeship programme to build Cayman’s next healthcare workforce, while Cayman City Church officially opened in Grand Cayman. Business & Finance: Bit Origin rebranded to SANGRIX and will trade on Nasdaq under a new ticker, and Deriv secured a banking license in St Vincent and the Grenadines.

Housing affordability audit: The Auditor General says housing remains unaffordable for most Caymanians and that government programmes aren’t delivering favorable pricing, citing a widening affordability gap as rents and property costs rose sharply from 2019–2024. Local healthcare pipeline: Doctors Hospital launched a new two-year Apprenticeship Programme for young Caymanians, offering hands-on placements in support roles across areas including marketing, supply chain and information services. Tourism numbers: Cayman recorded 45,053 stayover visitors in July 2026 (+10% year-on-year) and nine straight months of stayover growth, while cruise passenger arrivals fell in July but were up year-to-date. Sports and community: The Cayman men’s team will debut in CONCACAF Nations League League B later this month with matches in Dominica, Guyana and Puerto Rico; and Apex Gymnastics is expanding its schools programme. Governance and leadership: The Governor appointed members of the 2026 Electoral Boundary Commission, and the National Weather Service named Kerry Powery as Director General. International business: Appleby advised Eldorado Drilling on a US$425m bond-financed acquisition of a Cayman Islands exempted company.

Energy & Industry: ONE Nuclear Energy has signed a binding LOI for “Project Cayman” in Louisiana—an approximately 2.88-GW gas-fired plant plus a 700-MW/2.88-GWh battery storage system, planned near RiverPlex MegaPark in Ascension Parish, with community outreach and public information meetings slated from September through December 2026. Government & Democracy: Governor Jane Owen has appointed the 2026 Electoral Boundary Commission (chaired by Mark Ramkerrysingh) to review Cayman’s 19 electoral constituency boundaries, with public consultation and a final report expected within nine months. Weather Leadership: Chief Meteorologist Kerry Powery has been appointed Director General of the Cayman Islands National Weather Service, taking over from John Tibbetts on 1 September. Public Finance Correction: Government says a recent media claim about more than half of the CI$252.3m mid-year surplus already being spent is incorrect, clarifying what was approved by Finance Committee and when. Cayman Finance & Business: Appleby advised Eldorado Drilling on US$425m acquisition financing via Nordic bond issuance for a Cayman Islands exempted company. Cayman Captives: Nominations are open for the Captive Review Cayman Awards 2026, closing 27 September. Digital Assets & Cayman Links: Symbiotic (a Cayman Islands exempted company) appointed Mahendran Nathan as Global Head of Onchain Solutions, as it expands institutional onchain market offerings.

Cayman Finance & Legal: Appleby advised Eldorado Drilling on financing for its $425m acquisition of Cayman Islands exempted company Vantage Drilling International, using a Nordic bond issue. Insurance & Reinsurance: Northern Re says it has passed $1bn in in-force premium as it completes its fourth underwriting year. Corporate Governance: Greenlight Capital Re appointed John Welch as an independent director, adding to Ariel Warszawski’s recent board election. Housing Watch: The Office of the Auditor General released a report on government efforts to improve access to affordable housing, citing affordability pressure from rising rents and prices. Health Policy: Three health reform bills were published for public consultation, with comments invited via publicconsultation.gov.ky. Workforce Development: Enterprise Cayman launched FutureFocus Pathways, an employer-led programme pairing paid workplace placements with skills training for Caymanian talent. Driving Fees: Revised driving licence fees take effect 1 September, including lower non-Caymanian rates and discounts for longer-term Caymanian licences. Community Support: The Department of Counselling Services kicks off September’s R.E.A.L. Recovery Month campaign. Local Business & Talent: Compass Media named Pilar Bush as its new publisher, starting 14 September. Energy & Jobs (Global, Cayman-linked): ONE Nuclear’s Project Cayman in Louisiana—2.88GW gas plus large battery storage and a data centre campus—moves forward with site-control talks and planned public meetings.

Housing Oversight: The Office of the Auditor General says the Cayman Islands Government’s affordable housing push hasn’t delivered enough value for money, pointing to rising costs and affordability gaps over 2019–2024, even as reforms are now underway. Health Reform: Three new health reform Bills are out for public consultation, covering health practice, public health, and environmental health, with a 28-day comment period starting from their publication. Community Support: The Department of Counselling Services launches its September “R.E.A.L.” Recovery Month campaign, urging residents to see recovery as possible through small steps and support. Workforce Development: Enterprise Cayman rolls out FutureFocus Pathways, an employer-led programme pairing Caymanian jobseekers with paid workplace placements and targeted training. Driving Fees: Revised DVDL driving licence fees take effect 1 September, including lower non-Caymanian rates and discounts for longer-term Caymanian licences. Energy & Industry (Louisiana): ONE Nuclear’s “Project Cayman” secures site control for a 2.88GW gas plant plus 700MW battery storage and a co-located data centre campus near RiverPlex MegaPark, with public meetings planned from September through December. Crypto/Finance (Cayman-linked): CZR Exchange reports its CZR Token public sale sold out fast and confirms an October 1 launch, while NCB Financial Group completes the sale of NCB Cayman to Clarien Bank in Bermuda.

Financial Services Reshuffle: NCB Financial Group has completed the sale of its wholly-owned banking subsidiary, NCB Cayman, to its Bermuda-based banking arm, Clarien Bank, saying the move is meant to streamline offshore wealth and investment management with no material earnings impact and no service disruption for clients. Crypto & Cayman Spotlight: Toobit’s HALLU presale on Toobit Launchpad sold out in just over a minute, and the exchange is now running a HALLU spot trading rewards campaign that includes lucky wheel spins, starter rewards and a leaderboard. Local Employment Push: The Caymanian Employment and Immigration Ministry says its Hello2Hired recruitment drive brought 91 Caymanian jobseekers to meet 24 employers, aiming to create direct connections and better-prepared candidates. School Zone Safety: RCIPS is urging motorists to avoid distractions as children return to school, warning that mobile phone offences remain common and collisions often happen around school buses and zones. Environment & Waste: Cayman Brac’s recycling programme has relaunched under DEH, with residents encouraged to use two depot drop-offs for PET/HDPE plastics and metal cans/aluminium. Media Leadership: Compass Media has appointed Pilar Bush as its new publisher, starting 14 September after her role as Chief of Staff in the Office of the Premier. Road to Recognition: Nominations are open for the 2027 National Recognition Awards, with Financial Services as the theme and categories for early pioneers, innovators and builders.

Cayman Captive Finance: Yousif Capital Management’s Dale McCann says its Captive Review “Investment specialist firm of the year” win reflects decades of client-first relationships and long-term support for captive insurers. Reinsurance & Digital Assets: Oxbridge Re’s team heads to Monte-Carlo’s Rendez-Vous de Septembre, highlighting SurancePlus progress on tokenized reinsurance offerings. Cayman Corporate Moves: NorthStrive Acquisition Corp I (a Cayman exempted company) will let unit holders start separate trading of shares, rights and warrants from Sept. 2; Acadia Ventures filed an early warning after trimming its stake in VerticalScope. Local Regulation & Courts: Grand Court guidance in Han Vision Holdings v Raffles Interior underscores how Cayman courts can step in to protect shareholder voting rights and meeting procedures. Brac Recycling Restart: DEH relaunched recycling in Cayman Brac with PET/HDPE and metal can/aluminium drop-offs at two depots. Road Safety: RCIPS urges drivers to avoid distractions as schools reopen and school-zone risk rises. Cyber & Phone Scams: RCIPS warns of new Google Meet call scams and ongoing Post Office parcel SMS phishing. Financial Services Recognition: Nominations are open for the 2027 National Recognition Awards (theme: Financial Services), closing Oct. 4.

Local Justice: Stingray Tours has been ordered to pay more than CI$90,000 to workers ruled to be employees (not independent contractors), after they were denied vacation and sick leave. Local Courts: A Cayman Islands court ordered a tour operator to pay workers denied vacation and sick leave, reinforcing labour protections. Local Governance: Cayman Brac recycling has relaunched with drop-off bins for PET/HDPE plastics and metal/aluminium, but residents still must sort and drive to sites, with no sign of a full pick-up plan. Media & Politics: Pilar Bush is set to return to the Dart Group as publisher at Compass Media, taking over from Tripp Donnelly. Business & Tech: Necker Vibes tapped CYPFER to strengthen cybersecurity and protect its digital platform as its leadership experiences expand. Sports: Young Thomas from the Cayman Islands finished 15th in the Junior Caribbean Cycling Championships road race in Belize, calling it a key stepping stone despite not getting his desired result. Maritime/Corporate: Cetus Maritime is in talks to acquire interests in 13 Seacon ships via a cash-and-shares deal tied to an overseas listing.

Cayman court win for workers: Stingray Tours has been ordered to pay more than CI$90,000 after a local court ruled long-serving workers were employees, not independent contractors—meaning they were owed paid vacation and sick leave. Local environment update: Cayman Brac recycling has been relaunched, but it’s still a drop-off model that depends on residents sorting and cleaning plastics (PET/HDPE) plus metal and aluminium, with no sign yet of a full island-wide pick-up plan. Media leadership move: Pilar Bush is returning to the Dart Group as publisher at Compass Media, taking over from Tripp Donnelly and set to start 14 September. Tourism ownership shake-up: Dolphin Cove’s planned acquisition has surfaced new details on the buyer structure, with Parques del Este Limited identified as the beneficial owner behind the deal. Business & jobs: Passport2Success Cohort 41 graduated 15 young Caymanians after a summer programme aimed at easing the school-to-work transition. International business note: Malaysia reported RM218.5bn in approved investments for 1H 2026, listing the Cayman Islands among key sources of foreign investment.

Labour Rights Ruling: Stingray Tours has been ordered to pay CI$86,230 in vacation pay and CI$4,080 in sick leave after a local court found workers were employees, not independent contractors. Local Politics/Media: Pilar Bush is set to leave government posts and return to the Dart Group as publisher at Compass Media, starting 14 September. Waste & Recycling: Cayman Brac recycling has relaunched with drop-off bins for PET/HDPE plastics plus metal and aluminium, but there’s still no comprehensive pick-up plan. Community & Youth: Fifteen young Caymanians graduated from Passport2Success Cohort 41 at the George Town Yacht Club, with skills focused on workplace readiness. Shipping/Cruise Industry: Oceania Cruises floated out its new ship Oceania Sonata in Italy, moving it toward a 2027 debut that includes Caribbean sailings. Business/Tech: Ocho Rios entrepreneur Kingsley Jair Harrison’s SnapTap platform is expanding across the Caribbean and beyond, including use in the Cayman Islands.

Local Courts & Labour Rights: Stingray Tours has been ordered to pay more than CI$90,000 to workers it wrongly treated as independent contractors, after a court ruled they were employees entitled to paid vacation and sick leave. Waste & Recycling: Cayman Brac recycling has restarted, but residents still must sort and drive to drop-off points, with only PET/HDPE plastics plus metal and aluminium accepted so far—no full pick-up plan in sight. Local Governance & Media: Pilar Bush is set to leave the Office of the Premier and return to the Dart Group as publisher at Compass Media, replacing Tripp Donnelly. Road Safety: A motorcycle crash on Hurley Merren Boulevard sent the rider to hospital and led to an arrest for driving while disqualified. Workforce Development: MCEI’s Hello2Hired event connected 91 Caymanian jobseekers with 24 employers, with added interview and résumé support. Education: CXC officially launched CTEC, building on a modular maths pilot that delivered an 88% pass rate. Community & Youth: Passport2Success Cohort 41 graduated 15 young Caymanians after training in workplace skills and confidence. Business & Cayman Links: Malaysia’s investment approvals for 1H 2026 cited Cayman as a source of foreign investment (RM4.1bn).

Waste & Recycling: Cayman Brac recycling has restarted, but residents still have to sort and drive to drop-off bins, with only PET/HDPE plastics plus cans and aluminium being collected—while Grand Cayman still lacks a full pick-up plan after the waste-to-energy push stalled. Labour & Courts: Stingray Tours has been ordered to pay more than CI$90,000 to workers ruled to be employees (not independent contractors), including vacation and sick leave. Local Politics & Policy: Cabinet is yet to move forward on a proposed National Day of Wellness public holiday, despite unanimous parliamentary support. Workforce & Immigration: Minister Michael Myles says “shady” employers are still trying to dodge Caymanian hiring rules and are not offering real advancement or training. Community & Youth: Passport2Success cohort 41 graduates and UCCI’s 10th STEM Summer Camp highlight ongoing youth development efforts across the islands. Sports & Culture: A new youth cricket club, Rising Wickets, launches with training starting 14 September.

Local Employment & Immigration: Minister Michael Myles says “shady” employers are still dodging Caymanian hiring rules and leaving local workers uncomfortable, even as work-permit controls tighten. Public Health Holiday: Cabinet is still moving slowly on legalising a proposed National Day of Wellness public holiday after parliament unanimously passed the motion. Education & Youth: CXC officially launches CTEC, a modular targeted education certificate after a maths pilot with an 88% pass rate; meanwhile, UCCI marks 10 years of STEM Summer Camp for ages 11–13, and 15 young Caymanians graduate from Passport2Success Cohort 41. Community & Sports: Rising Wickets, a new inclusive youth cricket club (ages 9–19), kicks off training in September; Cayman Turtle Centre celebrates 20 years at its current home. Infrastructure & Safety: Port Authority and planners coordinated a specialised offshore ship-to-barge transfer in Grand Cayman for a logistics vehicle for the Cayman Islands Regiment; a motorcycle crash near Red Bay roundabout sent the rider to HSA and led to an arrest for driving while disqualified. Business & Finance (Cayman link): A Cayman Islands exempted company, Southern Cross Acquisition II Corp, closed its IPO on Nasdaq.