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A New Decade DawnsCAYMAN’S BEST COMPANIES LOOK FORWARD

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104 A NEW DECADE DAWNS

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TO LOOK BACK ON THE LAST 50 YEARS IN THE LIFE OF CAYMAN IS TO CHRONICLE THE

ISLANDS’ OWN UNIQUE RAGS-TO-RICHES STORY—FROM FRONTIER SETTLEMENT TO

FINANCIAL POWERHOUSE. THAT MAY SEEM AN EXTREME DESCRIPTION, BUT NOT FOR

THE PEOPLE WHO HAVE LIVED HERE ALL THESE YEARS.

THE STORIES OF LIFE HERE IN THE 1960S AND EARLIER HAVE JUST ABOUT TAKEN ON MYTHIC

PROPORTIONS, AND POSSIBLY WOULD HAVE ENTERED THE REALM OF LEGEND EXCEPT THAT THEY ARE

ACTUALLY TRUE.

BUT FEW WOULD ARGUE THAT THE 1960S ARE WHEN IT ALL STARTED, WHEN LIFE IN CAYMAN

BEGAN TO CHANGE FOREVER, THOUGH ONLY ABOUT 8,500 PEOPLE WERE LIVING HERE IN 1960 TO

WITNESS THE BEGINNING OF THE BOOM.

1960

O V E R V I E W

The Cayman Islands: A Half-Century of Transformation By Iris Stoner

CAYMAN’S BEST COMPANIES LOOK FORWARD 105

Just ask Roy Bodden, President of theUniversity College of the Cayman Islands,former Minister of Education and historian,who clearly loves nothing more than dis-cussing the history of these islands. If hecould, he would probably spend every dayporing over historical documents. “I live atthe archives,” he says, almost matter-of-factly, but not without a degree of pride.

He notes that before the 1960s, Caymanwas justifiably described as: “‘The Islandstime forgot.’ Because in the normal courseof business and trade and empire, theCayman Islands was a frontier outpost.”

Bodden explains that during the 1950s,the arrival of steam navigation and refrigera-tion removed the need for ships to call atCayman on their way up to Mexico or Cuba.“With the advent of modernity, it made theCayman Islands redundant.” But the forcedinsularity rekindled the art of boat building,with Caymanian seamen sailing off to CentralAmerica or as far north as Nova Scotia, bring-ing back salted cod and flour that weretraded for molasses taken on in Jamaica.

From the 1960s, however, he adds, “someinteresting things happened. The ’60s werereally the beginning of the boom time here.But the tone had been set from 1953 whenBenson Greenall developed the GalleonBeach Hotel and Seven Mile Beach; andBarclays Bank (also) came in 1953. The ’60swere the peak time, the beginning of signifi-cant numbers of Cayman men going to sea,so the whole economy was changing. Thepolitics were also changing because that wasat the breakup of the federation.”

In 1962, Jamaica gained independencefrom the UK, while Cayman chose to remain aBritish dependency. “Mr. Ormond Panton,who was a visionary and a nationalist and akind of hero of mine, thought he would takeCayman into modernity, so he founded thefirst successful political party—the NationalDemocratic Party. In 1962, he had 1,000 card-carrying, paid-up members, which is morethan the UDP (United Democratic Party) andthe PPM (People’s Progressive Movement)have today, in the 21st Century.”

Perhaps less significant, but certainly in-

teresting, in the mid-’60s, Burns Rutty of theChristian Democratic Party brought a motionto the Legislative Assembly (LA), calling forthe implementation of income tax.Additionally, he brought motions restrictingthe sale of land to foreigners and ensuringonly Caymanians, or Commonwealth citizenswho were resident here for a year, sat asmembers of the LA.

The first two bills were defeated but thethird one passed, Bodden recalls.

A few years later, key legislative changesto the banking and financial industrieswould fundamentally change the course ofCayman’s history way beyond any decisionson taxation. In 1966, the LegislativeAssembly passed three bills—which built onthe Companies Law enacted in 1960—intolaw: the Banks and Trust CompaniesRegulation Law, the Trusts Law and theExchange Control Regulations Law.

These laws, coupled with the political up-heaval in the Bahamas, which led to businessand money leaving that country, kick-startedthe financial industry in Cayman.


Arek Joseph, former managing partnerof and now consultant to architectural firmChalmers, Gibbs, Martin and Joseph, whohas been living in Cayman since 1972, re-counts that time: “As the banking industrytook off, banks moved in, thanks to theBahamas going independent (in 1973).There really should be a statue of (formerBahamas Prime Minister) Lynden Pindling inGeorge Town because the capital fled fromthe Bahamas and came to Grand Cayman.”

And all this was happening in a town thatdidn’t even have proper roads. Althoughthere was a post office, town hall, and library,“there were no paved roads. The roads werepotholed and marl,” Joseph recalls.

It wasn’t until the early ’70s that thecourthouse and Legislative Assembly build-ings were built, after an international designcompetition.

“Before that, George Town was a sweetplace. There were no paved roads or park-ing. And everyone just drove and stoppedwhere they wanted to. And everybody drovecars that were rusty because of the salt andthe marl,” Joseph says.

Education was also moving forward dur-ing the seminal ‘60s. Educators instituted afundamental change to the school systemthat continues to the present day. JoyBasdeo, who was involved in education inthe Cayman Islands for more than 30 years,serving the last 17 as Permanent Secretary inthe Ministry, explains the significance of thechange. While that was before her time,Basdeo’s father, who was Director ofEducation and then Permanent Secretary,was involved in that process.

“In the ’60s, probably the most signifi-cant event was bringing in comprehensiveeducation,” Basdeo says. “Before that—andMcKeeva Bush talks about this all the time—there was the Secondary Modern School,which he attended and was like a technicalschool.” The students who did well on thecommon entrance exam went to CaymanIslands High School, she explains.

But comprehensive included all levels ofability.

“Secondary Modern and the grammarschool were combined under the comprehen-sive school called Cayman Islands HighSchool. There was no longer a separation ofchildren. And I hope we never go back to that.There are some people that talk about that butthat does not work with nation building. Youhave to get your children together and be ableto give them what their needs are.

“We can’t go back. I would march in thestreets. Education has moved on so much inthe last 40 years. We can’t go back to thoseold-fashioned ideas.”

Life in general continued to move for-ward in Cayman during the next decade.And the most impressive indicator of thatforward motion was population growth. The10,068 people living in the Cayman Islandsin 1970 swelled by an unprecedented 76percent, to reach 17,757 ten years later.

And many of these people proved goodnews for the financial and banking industries,which continued to evolve.

Says Bodden: “They came with all thebusiness, all the trusts, and the banks and allthat. And Caymanian people thought it wasnice because they got secretarial positionsand secondary positions. And then the banksexpanded—the first bank was Barclays, thenRoyal (Bank of Canada) came 10 years afterthat. And then we had all these other banks.And when young men stopped going to sea,they began to work in the banks and theythought, this is nice—white collar, necktie,we’ll go to work in the banks. And no onethought of furthering their education.Relatively few. Because it was like a frontiertown. That’s why in my writings I always de-scribe the Cayman Islands as a frontier society.”

But events were starting to advanceCayman into modern times. In 1970, Caymanissued its own currency, breaking off from theJamaican dollar, and delinked from the Britishpound to the U.S. dollar four years later. Then,in 1976, the LA passed the Confidential

Relationships (Preservation) Law to protect in-formation held by financial services profes-sionals being disclosed improperly. Near theend of the decade, the Insurance Law waspromulgated to regulate the by-then growingcaptive insurance industry.

Meanwhile, other support services ex-panded. Cable & Wireless built up its tele-phone service, which launched in 1966, andexpanded its telex operations throughoutthe 1970s.

Bodden calls Cayman a “boom town”during those years. “It was generated bybanking and real estate, and fed by con-struction. And there was lots of money.”

But the government recognized thatplanning laws were needed to regulate all thenew construction. Joseph explains that theselaws enabled the island to be zoned for vari-ous uses, such as housing and commercial.“It showed a lot of foresight to have donethat in those early years,” he says.

Even more far-reaching and importantwas the start of the cadastral survey, a com-prehensive mapping and registration of vir-tually every conceivable bit of land inCayman. The results of this exercise continueto affect real estate development to this day,as Joseph explains.

“Up until the cadastral survey, land wasowned by describing, ‘My father gave mefrom that guango tree to that coconut. That’smine.’ There were lots of disputes, unhappi-ness, court cases. Families fought each otheras to who owned what.”

The survey itself proved an incredible feat.“An entire nation was subjected to survey andevery square inch of that nation was deemed tobelong to somebody. Can you imagine the sig-nificance of that? And the beauty of it is, thatwe reap the benefits of it now. You go to theLand Registry, and you can find out who ownsit, how big it is, where it is.”

At the same time the real estate and fi-nancial industries were taking off, tourismwas receiving a major push. Ask people nowabout the Holiday Inn and most will remem-ber it fondly, for the services it provided andas a social hub. But its significance went be-yond satisfying the needs of the residentpopulation.

Says Joseph: “The biggest thing in the’70s was when the Humphreys family decidedto build the Holiday Inn. What everybodysaid as Cayman grew was that what this is-land needs is a hotel. So they built theHoliday Inn on the beach. Then everybodysaid what this island needs is a decent hotel,so then the Hyatt was built. Then everybodysaid was what this island needs is a decenthotel on the beach. And then the Marriottand Westin were built. And so it went on.”

The Holiday Inn “really transformed”tourism, he adds, because people then

The Legislative Assembly Building in George Town, Grand Cayman

KEY LEGISLATIVE CHANGES TO THE BANKING AND FINANCIAL INDUSTRIES

WOULD FUNDAMENTALLY CHANGE THE COURSE OF CAYMAN’S HISTORY

WAY BEYOND ANY DECISIONS ON TAXATION.

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began to arrive, particularly from Texas, asCayman Airways added a Houston route,opening the islands to a new group oftourists with money.

With visitors on the rise, developmenttaking off, and the financial services industrygaining momentum, it became necessary toupgrade infrastructure.

“Then Cayman started to seriously be onthe map, so we needed a new airport,”Joseph recalls. “And my mother’s favorite ar-chitect was appointed, by Jim Bodden (mem-ber of the Executive Council responsible fortourism, aviation, and trade). My thesis at uni-versity was airport design, so that was my spe-cialty, and I sort of fell into it. We [ChalmersGibbs] were engaged to design the new air-port.” Construction was completed in 1984.

Compared to the exuberant growth ofthe previous decade, Bodden describes the’80s as “a time of sobriety, when certain re-alities began to hit home and the geopoli-tics began to change and pressures beganto be put upon the frontier society, particu-larly in terms of accountability.”

As part of those changes, the LA passedthe Mutual Legal Assistance Treaty in 1986,to “bring some kind of order to the frontier,to meet our international obligations andgeopolitical obligations.

“So things began to change. And alsothe politics began to change, and the poli-tics became at once a little more focused; itwasn’t so wide open and it wasn’t so flam-boyant now as it was getting organized.”

By the end of 1986, with all the relatedlegislation in place, Cayman was home to16,791 registered companies; 456 banks andtrusts with assets of US$202 billion and 107captive insurance companies.

Correspondingly, during the ’80s, thepopulation increased by 52 percent.

Education was transforming as well, andJoy Basdeo was part of the changes. TheEducation Act of 1983 mandated an additionalyear of compulsory education, up to age 16.“And I know there was significant growth in thescholarship program because the newEducation Law created the Education Counciland they approved scholarships,” she adds.

“In the ’80s, we also began to look muchmore at strategic planning in education. Andthat was also the decade of Truman Bodden,who was the Education Minister. Mr. Trumanhad such a steady hand. The contribution hehas made to this country should never be un-dervalued although he is not in politics now.”

Alongside education, the arts scene wasgaining structure. In the ’80s, both theHarquail Theater and the Cayman NationalCultural Foundation were born. During thatdecade, observes Nancy Barnard, former di-rector of the National Gallery of the CaymanIslands, now well-known artists like “Bendel

Hydes came into his own and, of course,Miss Lassie, who was doing her own thing allalong but wasn’t discovered until then.”

“The ’80s were organizations and institu-tions dedicated to art so that developed a lot.One thing to note is that government has al-ways been extremely supportive with scholar-ships, even the visual arts scholarships, sostudents could go away and study.”

During the next decade, several impor-tant laws were passed that solidified the linkbetween financial services and the prosper-ity of the Cayman Islands. The Mutual FundsLaw was enacted in 1993, which paved theway for the growth of the fund industry, andamendments to the Trusts Law and relatedlegislation further aided the sector. In 1996,the Cayman Islands Monetary Authority wasestablished, followed by the Cayman IslandsStock Exchange a year later.

Joseph adds there was a correspondingrise in office buildings as the financial indus-try took off, with the Barclays Bank building,the Royal Bank of Canada building, AndersonSquare and Capital Place among the newconstruction. Before that office boom, hehalf-jokingly describes Shedden Road as aplace of “goats and chickens.”

As Cayman entered the new millennium,the battle cry, at least on the real-estate front,might have been: “Big, bigger, biggest,” withtwo major developments taking shape—TheRitz-Carlton, Grand Cayman and the still-evolving Camana Bay. Additionally, all alongWest Bay Road, high-end beachfront condo-miniums have sprouted.

Of course, the onslaught of HurricaneIvan in September 2004 set everything andeveryone back, and this generation will for-ever measure time by before and since thatdevastating storm.

More recently, though, Cayman haspushed to sign enough Tax InformationExchange Agreements to gain entry to thecoveted white list of compliant jurisdictionscompiled by the Organization for EconomicCooperation and Development.

In addition, of late Cayman has been fo-cusing on the continuing global financial cri-sis and its specific effect on three little islandsin the Caribbean. But considering all that hashappened over the last 50 years, and howfar “the Islands time forgot” have pro-gressed, the dawning of the new decade willno doubt be anticipated as the beginning ofanother success story. | 2010

George Town Past and Present

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RestaurantsAttractionsResortsCruise Ships

QUEEN ELIZABETH II CALLED 1992 HER ANNUS HORRIBILIS OR “HORRIBLE YEAR”

AFTER THE MARRIAGES OF HER TWO SONS, CHARLES AND ANDREW, BROKE DOWN

AND WINDSOR CASTLE CAUGHT FIRE. THE SAME CAN BE SAID OF THE GLOBAL

TOURISM INDUSTRY OVER THE PAST YEAR, WHICH IS STILL REELING FROM THE EFFECTS OF THE ECO-

NOMIC CRISIS AND H1N1 PANDEMIC.

THE CAYMAN ISLANDS TOURISM INDUSTRY WAS NOT IMMUNE, AND WE SAW OUR VISITOR AR-

RIVALS DECLINE AS A RESULT OF SHAKEN PUBLIC CONFIDENCE IN SPENDING AND A FALL IN THE DIS-

POSABLE INCOME OF OUR BEST CUSTOMERS. THE DECLINE, HOWEVER, WAS NOT AS STEEP AS

PREDICTED FOR THE CARIBBEAN REGION AS A WHOLE.

T O U R I S M

A New Decade in Cayman Tourism By Shomari Scott


As 2009 comes to an end, we are opti-mistic about the dawn of the new decadeand the Cayman Islands Government is put-ting solid plans in place to ensure that we cre-ate a winning, profitable, and sustainabletourism business, which will carry us through2020 and beyond.

The Department of Tourism late last yearheld a series of stakeholder meetings in whichpeople from tourism, government, the civilservice, and the general public offered theirinsights into the tourism business. We askedparticipants of the sessions to help us definetheir vision for tourism to enable us to developclear, compelling tourism business strategiesthat offer long-term growth and prosperityfor the people of the Cayman Islands.

One of the more critical business issues isthe need to differentiate the Cayman Islandsfrom other sun, sand, and sea destinations.While our beaches and underwater environ-ment are undoubtedly world-class, Caymanalso has a very compelling, unique person-ality. Cayman is one of the most vibrant, con-temporary, continually evolving societies inthe Caribbean with a worldly, welcoming, andsuccessful personality that, when combinedwith our natural beauty, creates a story that noother vacation destination can match.

It is this compelling, unique personalitythat positions the Cayman Islands well tocapitalize on the burgeoning family market.Research has shown that in the midst of thecurrent economic environment there is evenmore interest in spending time with families,and family travel—be it the traditional mom,dad, and two kids, or multi-generational—isexpected to show significant growth over thenext decade.

Many luxury hotels and resorts will thriveover the next decade if they are able to showwhy it’s worth paying a bit more to get some-thing extraordinary. Indeed, this sense oflooking for an unusual experience is a defi-nite rising trend. Travelers are expected toplan luxury vacations that maximize unfor-gettable moments and experiences whileminimizing spending on services that theywill not use.

One of the bright spots in tourism con-tinues to be the romance market, specificallydestination weddings and honeymoons. It isproven that in tough economic times or nat-ural disasters, this is one rare segment of themarket that does not cancel. They may altertheir plans slightly based on circumstances,but couples will continue to travel to cele-brate these milestone trips.

Industry research confirms this withMartha Stewart Weddings reporting in their2009 White Paper that approximately 30percent of all brides are planning a destina-tion wedding and this is continuing to growin popularity. In terms of the honeymoon, itis perhaps the brightest spot, with nine outof 10 taking a honeymoon, couples spend-ing an average of $4800 per trip, 34 percentstaying for seven to 10 days, and theCaribbean as the top global region, accord-ing to 2009 research from The Knot (a wed-ding website and magazine). These trendsshow no sign of slowing and are expected tocontinue to grow into the next decade.Romance travel is hot.

And at a time when some traditionaltourism trends are in decline, sport tourismcontinues to flourish and is set to grow ex-ponentially in the next decade. Visitors en-

gaged in sports tourism are high-spending,stay longer than other tourist categories, aremore discerning, and often stimulate othertourism. Their direct benefit to a destinationis cash; their indirect benefit can be years offollow-on tourists. The Cayman Islands ispoised to take advantage of this trend.

While in the past many travelers havemerely paid lip service to the environmentwhen it came to making travel choices, weexpect that over the next decade this willchange. And thanks to the widespread effortthe travel industry in the Cayman Islands ismaking to strengthen its green credentials,it’s not difficult for consumers to be moreeco-friendly.

In a unique public/private sector partner-ship, two hotel properties on Grand Cayman(Cobalt Coast Resort and Compass Point)and one on Little Cayman (Little CaymanBeach Resort), as well as one attraction (theQueen Elizabeth II Botanic Park), are well onthe way to becoming Green Globe certified;and eco-tours led by marine environmental-ists are springing up to educate visitors aboutthe pristine environment, ensuring that it re-mains that way for years to come.

One thing we do know for sure is that thefuture of the Cayman Islands tourism indus-try depends not only on the objectives andstrategies we set today—balancing businesseconomics with people, culture and the en-vironment—but also on our ability to be or-ganizationally and culturally flexible in orderto meet the challenges that lie ahead. Weare prepared. | 2010

Shomari Scott is the Acting Director of theDepartment of Tourism.

CAYMAN IS ONE OF THE MOST VIBRANT, CONTEMPORARY, CONTINUALLY EVOLVING SOCIETIES IN THE CARIBBEAN

WITH A WORLDLY, WELCOMING, AND SUCCESSFUL PERSONALITY THAT, WHEN COMBINED WITH OUR NATURAL BEAUTY, CREATES A STORY THAT NO OTHER VACATION DESTINATION CAN MATCH.

ResiliencyEfficiencyStabilityTransparency


IN NOVEMBER 2009 WHEN THE G20 FINANCE MINISTERS AND CENTRAL GOVERNORS STATED

ONE OF THEIR GOALS AS “STABLE, EFFICIENT, AND RESILIENT FINANCIAL SYSTEMS,” THEY REFLECTED

THE SENTIMENTS OF THE POLITICAL LEADERS OF THE MAJOR ECONOMIES AND ALL THE INTERNA-

TIONAL REGULATORY AND STANDARD-SETTING BODIES.

IN THE WAKE OF THE UNPRECEDENTED FINANCIAL COLLAPSE OF 2008, THE ORGANIZATION

FOR ECONOMIC COOPERATION AND DEVELOPMENT, FINANCIAL STABILITY BOARD, FINANCIAL

ACTION TASK FORCE, INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS,

INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS, BASEL COMMITTEE OF BANKING

SUPERVISORS, AND OTHERS HAVE ALL RE-EXAMINED, AND ARE UPGRADING, THEIR STANDARDS.

INDIVIDUAL COUNTRIES AND JURISDICTIONAL GROUPINGS, LED BY THE U.S., U.K., AND THE

A New Landscape for Cayman’s Financial Services Industry By Cindy Scotland

F I N A N C I A L


European Union, are implementing policyand legislative changes and have vowed toadd the weight of increased resources andcommitment to their organizations.

They have all stressed the need for com-mon standards across jurisdictions, given thecomplex, global, and integrated nature of fi-nancial systems. A recurring theme is that co-operation, coordination, and transparencyare critical to preventing futuremeltdowns. All have in one wayor another emphasized theircommitment to ensuring that alljurisdictions adhere to interna-tional prudential, regulatory, su-pervisory, tax, and anti-moneylaundering/counterterrorism fi-nancing standards.

The effects of these initia-tives will become clearer intime, but what is sure is thatthey are far-reaching. A new in-ternational financial frameworkis being ushered in and, with it,a new era of how business is tobe conducted. No jurisdictionwill escape it.

The landscape of this newdecade is being characterizedby greater regulation, converg-ing international standards, in-creased monitoring, andincreased sanctions for non-compliance. More and more,for financial-services centerssuch as the Cayman Islands,the ability to maintain a com-petitive edge while still remain-ing an integral part of the global financialservices network is being challenged.

We have every right to retain our auton-omy, and should do so in those areas whereit is in our best interest to do so. However, itis also in our interest to embrace thosechanges that will allow us to more clearlycontribute to a strengthening of the globalfinancial system while increasing our com-petitive edge. As a jurisdiction, this is thetype of repositioning we must do to ensurethat we are not left behind.

The current challenges have providednew opportunities for us. For instance, theCayman Islands has been able to gain seatson the Steering Committee and the PeerReview Group of the Global Forum onTransparency and Exchange of Informationfor Tax Purposes. Such positions provide av-enues to influence international standard set-ting and contribute to a more level playingfield.

One of our biggest risks is reputational.There is increasing pressure on businesses inthe traditional financial centers to cut linkswith jurisdictions perceived as uncooperative

and loosely regulated. As a result, businessesare now taking a second look at the jurisdic-tions in which they operate. They are morelikely now to factor in the jurisdiction’s repu-tation among their home regulators, politi-cians, and public. More and more, one of ourmajor competitive advantages will be havingthat reputation as a jurisdiction of quality. Ourservice providers must proactively guard this

reputation by being very selective with whomthey do business.

Going into this new decade, one of theCayman Islands Monetary Authority’s areasof focus is on minimizing Cayman’s reputa-tional risk. While we remain mindful of theneed for innovation and growth in the in-dustry, we will continue to be vigilant in au-thorizing only entities of the highest probity.We are augmenting our efforts to ensure thatCayman’s regulatory framework meets thenew international standards as appropriate.We are keeping abreast of the thinking ofstandard setters and taking the most active

role possible to contribute to the develop-ment of these standards.

Having reviewed several of the propos-als of international bodies and govern-ments, and the recommendations comingout of assessments that we have undergone,such as last year’s International MonetaryFund (IMF) review, we are making our ownadjustments. In fact, the IMF assessors ac-

knowledged in their 2009 re-port that we were already inthe process of implementingmany of the measures thatthey were recommending.

Our short- to medium-termpriorities for enhancing regula-tion and supervision of the var-ious sectors include: deepeningour assessment of prospectivelicensees’ fitness and propriety;enhancing the informationgathered on regulated sectorswhere needed and expandingthe statistical information wemake available; strengtheningthe failure resolution frame-work; strengthening our risk-based supervisory framework;and seeking to harmonize su-pervision across all the regu-lated sectors.

We will also continue to re-view and make recommenda-tions to the Government onenhancements to the regula-tory laws and MonetaryAuthority Law, both tostrengthen the regulatory

framework and allow the jurisdiction to takeadvantage of emerging business opportuni-ties. We will continue to enhance interna-tional cooperation and supervision, includingthrough expanded home-host supervisionand participation in external forums and su-pervisory colleges.

On the operational side, we will be utiliz-ing technology to increase our efficiency andcost-effectiveness in order to make doingbusiness with us easier and more effective.This includes further automation in areas suchas document submission and processing, andmoving towards online payments.

The challenges facing us as an interna-tional financial-services center going intothis new decade are great. However, wehave successfully raised the bar before andhave reaped the benefit of increasedgrowth. I believe that if we continue to beproactive, we can enjoy greater successand increased acceptance as an interna-tional financial center. | 2010

Cindy Scotland is the Managing Director ofthe Cayman Islands Monetary Authority.

WE WILL BE UTILIZING TECHNOLOGY

TO INCREASE OUR EFFICIENCY

AND COST-EFFECTIVENESS IN ORDER TO

MAKE DOING BUSINESS WITH US

EASIER AND MORE EFFECTIVE. THIS INCLUDES FURTHER AUTOMATION

IN AREAS SUCH AS DOCUMENT

SUBMISSION AND PROCESSING, AND MOVING TOWARDS

ONLINE PAYMENTS.

DegreesTeachers SchoolsScholarships


WE LIVE IN A TIME WHEN THE CHANGES RELATED TO TECHNOLOGY, LEARNING, OR-

GANIZATION, AND GLOBAL EXPECTATIONS ARE SO GREAT THAT SEEING OUT 10

YEARS IS HAZARDOUS BUSINESS FOR THOSE WHO LIKE TO MAINTAIN THEIR CRED-

IBILITY. BUT IF THERE IS AN AREA WHERE WE MUST ALL BE COGNIZANT OF LONG-TERM OBJECTIVES,

EDUCATION IS THE ONE. WE HOPE THAT ALL OUR LEADERS WILL BECOME EDUCATION “FUTURISTS.”

WE WELCOME THE IDEAS AND CONSTRUCTIVE CRITICISMS OF ANY PARTY WHO AIMS TO MAKE OUR

SYSTEM BETTER.

A 10-Year Perspective on EducationBy the Hon. Rolston M. Anglin, MLA, and Mary E. Rodrigues

E D U C A T I O N


The Cayman Islands play an importantrole in the global economy, and our nationaldiversity and connectedness are unlikely todiminish; indeed, they will undoubtedly in-crease. We need youth who think globallyand, at the risk of cliché, act locally. We needyouth who remember and cherish their ownculture yet who embrace what the world hasto offer. We need a cadre of people who canlead without corruption, be ecologicallysound without destroying our economy, andwho will recognize that, as a nation of smallislands, we can ill afford to send any of ourpeople too far out of the mainstream of so-ciety even if they are older or have markedlydifferent abilities than the rest of us. Weneed every Caymanian.

Some of our core values are built andnourished in our schools—such as a com-mitment to knowledge and learning as a wayof life. This is lofty work where we cannot ac-cept weak or failing approaches either nowor in the future. Thus, we must be willing tochange and innovate. Most of all, we mustbe committed to improve . . . to continuouslyimprove. The schools of 10 years from nowwill be better than our schools today. If theyare not, we will have certainly failed.

People visit our country to partake of ourbeautiful environment, our warm and friendlyhospitality, our multitude of cuisines andstyles, along with our keen sense of a gooddeal and a favorable business climate. Ouryouth must be situated to carry on in thosecapacities and to extend them. We havebeen a nation of merchant seamen, builders,dealmakers, and hard workers. That cannotcease. Our future schools must be respon-sive to all these things and those that followfrom them, and we intend to see they are so.

What We Must Do in Specific TermsWe need Caymanians to reach for higher ed-ucation in greater numbers. High school isno longer enough for the majority of our cit-izens going forward. We need higher expec-tations, and we must have the facilitiesavailable to enable those expectations.Caymanians must aspire to be educated ifwe are to enjoy the wealth and privileges wehave thus far earned and been blessed by.

We need coherent systems, or paths oflearning, that open ways for our people andallow them to move through the process ofgathering degrees and credentials more flu-idly and productively. We have long reliedon sending our youth abroad for learningand that will not change wholly, but we mustalso recognize that this age calls for lifelongcapacities to gain learning of the highest cal-iber here on our islands. We will ensure suchfacilities are available.

Our scholarships should encouragepaths that are of obvious value to our coun-

try. We need to think more seriously aboutthe capacities and demographic realities ofour workforce and align our investments inhuman capital toward these ends.

We will press for greater commitments tolifelong learning, to diverse but well-struc-tured learning prospects, and to all the ben-efits that articulated programs withworld-leading institutions and distance-learning technologies can bring to ourshores. We must also ensure that our pro-fessional education opportunities are up tothe challenge of supporting a major interna-tional business center and tourism destina-tion—no priority rises above this one.

Our education and training programsmust provide the critical links between stu-dents and employers. Businesses need to beable to plan and recruit more efficiently fromthe local workforce. We need a soundNational Qualifications Framework that nor-malizes various training and education pro-grams to a consistent, understandablemodel. It need not be vast and confusing,but it should allow us to know whether thework done in a high school is at a lower,same, or higher level than an expectation ata community college. It should empower allCaymanians with a standard national tran-script that documents their educational andtraining achievements.

While we emphasize our need for dra-matic expansion in our higher-educatedpopulation, college is not suitable for every-one. There are those who do wondrous andnecessary work with their hands in a kitchen,in a home, on a construction site, or in a stu-dio. Those people need paths and possibil-ities to be world-class as well. Our technical

and vocational opportunities have not beenwhat they should be. We will change thatover the next 10 years. We will give studentswho finish their first two years of high schoolmuch broader and better opportunities forfinishing their compulsory education. Andwe will build bridges and employ recog-nized standards that allow learning to growand develop.

Of course, we will be deploying newschools and reformed processes to maxi-mize our investments. It will not be perfectovernight, but we are committed to focus-ing on building a world-class education andtraining network to serve our people.During our efforts, we look for partnershipswith parents, with churches, and with busi-nesses to create a learning community thatworks for all segments of our society. Thisis not a problem for a few in government ora few in the schools to handle alone. Overthen next 10 years, we must build our com-mitment that education is a national de-mand and focus for all of us. Commitmentto high-quality education and training mustbe embedded in what it means to enjoy lifein the Cayman Islands, and that is a goalthat must extend far beyond the next 10years. | 2010

Mr. Anglin is Minister of Education, Trainingand Employment, and Ms. Rodrigues is ChiefOfficer in the ministry.

WE NEED CAYMANIANS TO REACH

FOR HIGHER EDUCATION IN GREATER

NUMBERS . . . CAYMANIANS MUST ASPIRE

TO BE EDUCATED IF WE ARE TO ENJOY

THE WEALTH AND PRIVILEGES WE HAVE

THUS FAR EARNED AND BEEN BLESSED BY.

WirelessTelevisionInternetSmart Phones


WHILE ADVANCES IN COMMUNICATIONS HAVE ALREADY REVOLUTIONIZED THE WAY

WE WORK AND PLAY, THERE IS A LOT MORE TO COME. HERE’S AN ENLIGHTEN-

ING CASE IN POINT: IN 1994, WHILE WORKING FOR THE LOCAL PHONE COM-

PANY, I DEVELOPED A BUSINESS CASE FOR SOMETHING CALLED “THE INTERNET” AND EAGERLY

PRESENTED IT FOR APPROVAL TO MANAGEMENT WHO QUESTIONED THE VIABILITY OF THE INVEST-

MENT, ASKING: “WHAT WILL PEOPLE DO WITH IT?” CLEARLY, THE QUESTION TODAY WOULD BE:

“WHAT WOULD PEOPLE DO WITHOUT IT?”

THIS ARTICLE TAKES A GLIMPSE INTO THE FUTURE AND LOOKS AT THE IMPACT THAT EVOLVING

COMMUNICATIONS TECHNOLOGIES WILL HAVE ON OUR EVERYDAY LIVES IN THE CAYMAN ISLANDS

OVER THE NEXT 10 YEARS.

C O M M U N I C A T I O N S

Staying Connected By Alan Dodds


Internet Everywhere The key enabler for many of the “next gen-eration” products and services will be the in-troduction of high-speed wireless networksutilizing 3G and 4G (LTE—long-term evolu-tion for mobile) and WiMax technology.These networks will provide high-speed con-nectivity to the Internet any time, anywhere.

They will become the primary method ofdelivering all forms of communications in-cluding traditional voice, data, and video.We can expect to see the mainstream rollout these wireless technologies over the nexttwo to five years in Cayman.

With the advent of ever-increasing broad-band speeds to the home, it will be possibleto deliver media-rich video and other con-tent. We will be able to ditch those largesatellite dishes in our backyards that are un-reliable when it rains, and those large TV an-tennas on the side of the house that candamage our roofs when the hurricanes come.

The Internet will become the mainstreamdelivery method for high-definition TV andinteractive video-on-demand. With a basicset-top box connected to the Internet, wewill be able to access hundreds of HD chan-nels and a wide range of international, re-gional, and local programming. Withnetwork PVR (personal video recorder) wewill be able to rewind and watch the lastthree weeks of episodes of our favorite soapopera or sports programs that we have nothad time to watch.

By using our mobile phones or PDAs(personal digital assistants), we will quicklybe able to select a pay-per-view movie froma list of hundreds of video-on-demand con-tent and purchase it immediately.

With higher broadband speeds we canexpect to see low-cost, high-quality video-conferencing services used extensively in thebusiness sector as well as in healthcare andeducation. It may no longer be necessary togo “off-island” to get specialist medical at-tention or a top university education asbroadband video will facilitate highly inter-active and collaborative environments to fa-cilitate telemedicine and virtual classrooms.

We can expect to find short-range wire-less technologies such as RFID (radio fre-quency identification) and Bluetooth builtinto everyday home appliances, electronics,and vehicles. These will allow communica-tion between the Internet via your home net-work or mobile phone and a wide range ofelectronics.

Imagine the possibilities: Your fridgesends you a text message when you are lowon milk. The TV sends you an alert to advisewhat programs the children are watching.We can expect this communication to behighly interactive so that you can switch offthe TV remotely if the kids should be doing

their homework instead of watching orswitch on the stove before you get home sodinner is ready when you walk in the house.

The same technology will be built intomost new vehicles. When you step into yourcar, the wireless network will automaticallyconnect to your cell phone and advise yourlocal garage that your brake pads need re-placing. The first you will know about it iswhen you get a call from the mechanictelling you to bring the car in for service.

GPS navigation has been around for anumber of years, but this has predominantlybeen a one-way communications technol-ogy. With the widespread introduction oftwo-way GPS using wireless networks, wewill see this technology used extensively bybusinesses and consumers.

In addition to cell phones, expect to findGPS built into watches, shoes, clothes, andother everyday items. This will allow pet loversto track the whereabouts of their dog or catwith a GPS collar. Parents will be able to checkon the location of their children in real time.

Businesses will use this technology totrack and manage movements of their em-ployees, major assets such as shipping con-tainers, and valuable equipment andinventory. Boat owners will receive an alert iftheir boat is moved off the dock at theiryacht club and, by pressing a button on theircell phone, they will be able to disable theengines and alert the police.

E-money will replace credit cards andcash as the primary method of financialtransactions. When you arrive at the check-out counter at the local supermarket, yourwireless PDA or cell phone will connect tothe cash register and you will validate thetransaction with either a fingerprint or retinalscan of your eye. This will immediately debit

your bank account and you will receive anelectronic receipt on your phone with yourupdated balance.

Big Brother Is Watching In the UK today there are more than 4.2 mil-lion CCTV cameras watching people’s everymove. While CCTV is nothing new, we canexpect to see large-scale adoption of thistechnology in Cayman as the costs comedown and cameras go wireless.

It will be possible to monitor every as-pect of daily life with real-time video feedson your cell phone when motion is detectedat your front door or in the backyard. You willbe able to monitor your children’s move-ments around the home.

While those capabilities might not sitwell with everybody, CCTV will also be amajor asset in the fight against crime by serv-ing as a deterrent and providing critical evi-dence needed to solve crimes.

Clearly, not all these technological ad-vances will have a positive impact onCayman society. They will raise many ques-tions and concerns about the violation of anindividual’s right to privacy.

The government will be faced with thechallenge of developing new laws to protectindividuals and businesses from inappropri-ate use of personal information. However, itis hoped that the positive aspects in termsof improved local education, healthcare, andentertainment will outweigh the potentialdownsides. | 2010

Alan Dodds is Commercial ProgramDirector at LIME. He has more than 25 yearsexperience in telecommunications productdevelopment, marketing, and programmanagement.

E-MONEY WILL REPLACE CREDIT CARDS AND CASH AS THE PRIMARY METHOD OF

FINANCIAL TRANSACTIONS. WHEN YOU ARRIVE AT THE CHECKOUT COUNTER AT THE

LOCAL SUPERMARKET, YOUR WIRELESS PDA OR CELL PHONE WILL CONNECT TO THE

CASH REGISTER AND YOU WILL VALIDATE THE TRANSACTION WITH EITHER A

FINGERPRINT OR RETINAL SCAN OF YOUR EYE.


The next decadewill see theCayman Islands

move to new levels ofdevelopment, each farmore extensive thanpreviously seen. Thetrend will be for largerand more complex de-velopments, for morecreative site planningwith buildings of greaterenergy efficiency and a

trend of more developments that will bebuilt off the Seven Mile Beach corridor. Tokeep up with the changes the local PlanningLaws and Regulations will need to be modi-fied to suit.

Over the next 10 years, developmentswill be larger and will follow a mixed-usemodel with more amenities and facilities in-corporated within them. The trend for pur-chasers to look for value-added componentsand convenience has led this concept over-seas and during the next decade will see itmultiply here as well. Camana Bay on GrandCayman is clearly of this model and is wellon its way to forming a new Urbanist com-munity, where one can work, live and play inclose proximity. Even the smaller develop-ments will follow this trend and provide sup-porting amenities.

Following this mixed-use trend will bemore creative site planning. Such planningwill change and move away from isolatedbuildings in the center of individual parcelsto more mixed-use structures in closer prox-imity to each other.

This type of site planning will change thecurrent practice of completely clearing sitesand replacing all native landscaping and willresult in more protection of zones of the orig-inal habitat. By having coordinated adjacentsites through the Planning process or theDevelopment Plan, continuous belts of natu-ral environment can then be developed en-suring a better habitat for the wildlife species.

Another likely trend in development overthe next decade will be the attraction to ourshores of high-end and niche market andboutique hotels. As the hotel marketchanges their demands for related residen-tial properties increase. As this transition oc-curs there will be opportunities for newbusinesses that are currently not on island.

This decade will see the move away from

Seven Mile Beach developments and in-creased developments in the eastern dis-tricts. Land values on the eastern end of theisland will respond and more amenities, sup-porting offices and retail will follow thattrend. East End and North Side will benefitmost as land values will climb, particularly inthe coastal areas. These developments willbe more in character with the lower scaleCaribbean but will set a benchmark forservice. Niche market and specialty hotelsare likely to look to the Cayman Islands overthe next decade due to our proximity to theU.S. market. Most of these properties will be

closely linked to the sea either through mari-nas or proximity to canals and waterways.Such developments will also foster more ex-pensive residential products and cater to in-ternational persons not yet visiting theCayman Islands.

Over the next several years the publicwill demand more energy-efficient buildingswith more recyclable content, as they re-spond to the perceived global warmingissue. The Cayman Islands are ideally suitedto buildings that capture some of their en-ergy from the sun and even possibly oceanthermal conversion. This an energy resourcethat uses the temperature difference be-tween the warm surface water and the coolerwater at 1000 meters. Given the fact that theCayman Islands has very deep water close toshore, we are one of the few places in the

Caribbean where this concept can be exe-cuted. Solar energy for water heating will be-come the norm and heat recovery fromair-conditioning will be popular.

These trends will all require changes tothe Planning Law and Regulations as well asthe Development Plan. Planned AreaDevelopments, which will allow a more coor-dinated land use in larger parcels, is currentlyunder consideration. Flexible zoning and theability to do mixed uses in single buildingswill be added to the code as well as require-ments to control building energy use.

The next decade in the Cayman Islands

will see significant developments that willcreate the base infrastructure for the coming30 years. The developments will not only belarger and more complex but also smarterand allow more choice. The environmentalsensitivity of the projects and buildings willreach a new level as demands of architectsand developers increase from clients andend users, and land use will become moreresponsive to nature. | 2010

Mr. Burns Conolly, AIA is a practicing inter-national architect. He holds both Bachelorsand Masters degrees in Architecture andUrban Design as well as being the first fullyqualified and registered Caymanian archi-tect. He leads the Cayman Islands-basedBurns Conolly Group of Architects, InteriorDesigners and Project Managers who workin the Caribbean. The company has been in-tegrally involved in the design of theCamana Bay New Town as well as significanthomes, retail, hospitality and commercialprojects in the region. He is a past Presidentof the Cayman Islands Chamber ofCommerce.

B U R N S C O N O L LY G R O U P

THE NEXT DECADE IN THE

CAYMAN ISLANDS WILL SEE SIGNIFICANT

DEVELOPMENTS THAT WILL CREATE

THE BASE INFRASTRUCTURE FOR

THE COMING 30 YEARS.”–BURNS CONOLLY

Burns Conolly, AIAManaging Director

Cayman Development—A Decade of Change to Come


The more than 36-year history of theHew’s group of companies speaks vol-umes not only of the staying power of

the organization but also of its flexibility andforward thinking.

And as the group plans for its futuregrowth in this new decade, it is worth takinga brief look back at how it was able tochange and expand.

In 1973, brothers Lenny and Danny Hewstarted the Commodity Marketing andSupply Company, which evolved into Hew’sJanitorial about four years later, coincidingwith Lenny’s wife, Valma, joining to managethe company.

The all-in-one company offered cleaningservices at night—the first clients were RoyalBank, the Glass House and Cayman NationalBank—and simple hotel and restaurant sup-plies—paper and plastic products—by day.And it already had the makings of a true fam-ily business. Lenny’s sons, Chris and Joey,now running Hew’s Janitorial and Hew’sHotel and Restaurant Supplies, respectively,recall helping out in the early years.

Chris remembers unloading containersfor Commodity Marketing. Joey washed win-

dows for Hew’s Janitorial. “I would fill abucket of water at MacDonald’s on SheddenRoad (the family took over the restaurant in1973) and walk to Kirk Duty Free to washtheir windows. I would do all of Fort Street.”

The family considers openingMacDonald’s, the popular restaurant whichhas since become a landmark, as one of themilestones in its history. In 1999, they pur-chased the .67-acre property on which therestaurant sits, and opened two more loca-tions, one on Dorcy Drive and another inCountryside Shopping Village.

Lenny Hew’s love of cooking led him, inthe early 1980s, to open another eatery, theShanghai Restaurant, first on Shedden Roadand then moving to South Church Street.“My father followed his dream to open thatrestaurant,” says Chris. “It was very, verypopular, serving authentic Chinese food.” Itwas eventually sold.

In 1998, the Hew’s Janitorial building was

built on Dorcy Drive, right offNorth Sound Road. Before that,everyone shared the originalpremises at the intersection ofthose two streets, next toParker’s.

“When my father put upthat first 3,200 square footbuilding in the late ’70s, a lot ofpeople thought that wasoverkill since it was one of thelargest buildings in the area,”Joey explains.

But the growth of the com-panies proved that to be a verywise move. Hew’s Janitorial,which started out with 18 full-time and five part-time em-ployees now has about 160staff. Hew’s Restaurant andHotel Supplies grew from eightto 20 employees.

The growth continues. Thegroup has broken ground on a13,500 square foot facility nextdoor to Hew’s Janitorial. Hew’sSupplies will spread out into5,500 square feet of the new building andthe remainder will be leased, pointing to oneof the group’s future endeavors. “Hew’s isgoing into property management,” Joeysays, but the core businesses will continue togrow.

Hew’s Janitorial aims to lead the way ininnovation and green technology. “We havebuilt a very solid foundation; our growth hasbeen traditionally slow but steady. We em-phasize things like training and certificationprograms,” Chris explains.

He is particularly proud of his company’senvironmental record. “We are years aheadof the industry in many ways. We went‘green’ before it was fashionable.”

“We stopped using bleach and ammo-nia more than a decade ago, when greenwas just another color.”

Since 1993, the company has only usedwater-based chemicals, no aerosols, no am-moniated products or acids. This year, heplans to introduce new technology to cleancommercial bathrooms using only hot water,after which the area is vacuumed and dried.

“My favorite quote is: ‘In this kind ofeconomy, change and innovation is not a lux-ury, it’s a necessity.’ We still have a lot of busi-ness; we just have to adjust to suit it. And weare emphasizing customer service more thanever.

“When the economy improves, we want

to fly out like a champagne cork.”Joey adds that “those who continue to

expand will be poised for growth when theeconomy picks up.” He explains that Hew’sSupplies is going to continue to increase theproducts and services they offer as well astheir customer base.

Over the last three years, two more com-panies have emerged. In 2006, theRestaurant Depot opened on North SoundRoad. The retail commercial store serves ho-tels and restaurants.

Then, in 2008, they reached out to a newmarket when Bon Vivant, run by CynthiaHew, opened in Governors Square to servehigh-end residential customers.

“Our vision going forward,” says Joey,“is to keep up with the latest technology andprovide the most modern goods and serv-ices to lead the way. What we are doing nowis laying down the infrastructure and foun-dation for where we see Cayman going inthe next decade.” | 2010

H E W ’ S G R O U P

Chris and Joey Hew

“MY FAVORITE QUOTE IS: ‘IN THIS KIND OF ECONOMY,

CHANGE AND INNOVATION IS NOT A

LUXURY, IT’S A NECESSITY.’ . . . THOSE WHO CONTINUE TO EXPAND

WILL BE POISED FOR GROWTH

WHEN THE ECONOMY PICKS UP.”–JOEY HEW

36 Years of Innovation


When IslandHeritage wasfounded in

1995, the focus wassquarely on residentialproperty insurance, abusiness strategy thatproved to be greatlysuccessful.

Over the years, theCayman Islands-basedcompany has expandedits reach and broadened

its focus, in the process becoming a truepan-Caribbean insurance provider, whilemaintaining financial stability and responsi-ble growth.

Chief Executive Officer Garth MacDonaldhas been part of that growthsince the beginning, joiningIsland Heritage in 1996 asTreasurer.

“We started in theCayman Islands with four em-ployees doing residentialproperty insurance,” he re-calls. “Now we have close to60 staff and operate in 17countries throughout theCaribbean, handling residen-tial and commercial propertyinsurance.”

In response to the needsof its clients, Island Heritagerecently added automobile in-surance in January of this year, at the sametime opening a personal lines retail branchin The Strand on West Bay Road, providinga convenient and accessible location fromwhich to serve customers.

“We undertook extensive research, re-cruited high-quality personnel, and set upthe essential systems to provide the bestservice possible,” MacDonald explains.

“Customer service is a cornerstone of thecompany. In fact, the new line of auto insur-ance is a direct result of listening to cus-tomers and responding to their needs. A lotof our clients were asking for us to provideautomobile insurance. It is a perfect com-plement to our home-owners insurance.”That commitment to service and product ex-cellence is standard operating procedure forIsland Heritage.

Island Heritage currently operates withits head office in the Cayman Islands and a

branch office in Barbados. For the other 15locations, the company operates throughcarefully vetted local agencies as well aspartnering with finance institutions such asButterfield Bank and Scotiabank.

The geographic diversity of the companyhas proven to be an effective, financiallysound strategy to spread risk and was a cor-nerstone of the business plan from inception,MacDonald points out.

“In the case of a natural disaster in onecountry our strong presence throughout the

Caribbean acts as a hedge so that therewould be minimal impact on the company asa whole.”

MacDonald, who steered Island Heritagethrough Hurricane Ivan, points out that theinsurer’s geographic spread prepared thecompany well for that experience.

“Since we operate throughout theCaribbean, dealing with hurricanes is noth-ing new for us. We have been affected by 12hurricanes in 14 years. Our strong financial

foundation and expert staff make us uniquelyprepared to handle any major event.”

Island Heritage’s well-planned expansionhas proven a secure driver of growth. Thecompany started in 1995 with assets ofUS$13 million and wrote US$900,000 of pre-miums in its first year of operations. At theend of 2009 Island Heritage had assets ofUS$115 million and wrote US$84 million ofpremiums. As a testament to its financialstrength and well-managed operations, thecompany has maintained an AM Best A-(Excellent) rating since 2001.

“Island Heritage maintains a good bal-ance by spreading risk. We do not have all oureggs in one basket. And, despite the currenteconomic climate, we are still able to look toexpand and grow in a responsible fashion.

“Risk management is ourpriority. We will grow where itis economically viable, lookingto make acquisitions in othercountries in the region to con-tinue to spread geographi-cally,” says MacDonald.

While one of the company’sstrengths will always be itsstrong regional presence,Island Heritage is firmly rootedin the Cayman Islands and com-mitted to the local community.

“From day one, we in-tended to be a pan-Caribbeancompany. But, we take tremen-dous pride in the fact that

Island Heritage is based in the CaymanIslands. We are able to generate employ-ment locally by running our business inter-nationally,” MacDonald explains.

Going forward, the company’s businessphilosophy will ensure financial stability de-spite the prevailing economic conditions. “Inthe tough times currently being experi-enced, the company will not take any unduerisks or shortcuts. We will still buy high levelsof reinsurance, for example. Profitability maysuffer slightly due to this strategy, but thecompany will remain stable and sound, ableto handle easily even the most major of in-surance events.

“This approach has served us and ourclients well over the last 14 years, and peo-ple can take comfort in knowing that wewill continue to operate from this positionof strength through the next decade andbeyond.” | 2010

I S L A N D H E R I TA G E

“ISLAND HERITAGE MAINTAINS A

GOOD BALANCE BY SPREADING RISK. WE DO NOT HAVE

ALL OUR EGGS IN ONE BASKET. AND, DESPITE THE CURRENT

ECONOMIC CLIMATE, WE ARE STILL ABLE

TO LOOK TO EXPAND AND

GROW IN A RESPONSIBLE FASHION.”–GARTH MACDONALD

Insuring Your Property —And Your Peace of Mind

Garth MacDonaldChief Executive Officer

TeleCayman has upped the ante in2009 with its multimillion-dollar in-vestment in fiber optics infrastructure

and partnership with disaster recovery giant,SunGard Availability Services, proving that itis a key player in the Cayman Islands’telecommunications sector.

Since its launch five years ago,TeleCayman has provided the business mar-ketplace with internet, voice and co-locationservices. In providing the latest and bestservices to its customers, the company rec-ognized that business needs were changingand therefore in 2009 built and introducedan underground fiber optic network. This al-lows almost every corporate office buildingin George Town the opportunity to transferdata at speeds of up to 1,000 megabits persecond.

Globally, telecommunications has seen ashift towards fiber optics as a more secure,more robust, faster and more flexible alter-native to other network options.

Chris Haydon, TeleCayman’s BusinessSolutions and Sales Manager, points out oneof the advantages of this technology. “Fiberoptics has allowed TeleCayman to launch anew product, Metro Ethernet, which pro-vides a reliable, high-performance connec-

tivity between business sites that are geo-graphically separated.

“Metro Ethernet’s ‘plug and play’ con-figuration offers cost savings to businessesas there is no need to purchase any addi-tional equipment and is designed to carry allservices over the same connection across asingle virtual and seamless network.”

Offices that have access to fiber optic net-works could prove more attractive to potentialbusiness tenants. Tim Hepburn, Director ofBCQS Property Management Limited, hasbeen following the introduction of fiber op-tics to Cayman’s business sector. “As global-ization becomes more of a necessity than anoption, businesses are increasingly reliant onadvanced telecommunications technologiessuch as fiber optics,” Hepburn notes.

Tom Kinstler, TeleCayman’s ChiefFinancial Officer, adds: “We are delightedwith the positive feedback from our cus-tomers who are now enjoying the benefits ofa fiber network and look forward to continu-ing to support the Cayman Islands by pro-viding cutting-edge technology that allowsCayman businesses to remain highly com-petitive in the global market.”

TeleCayman announced another majordevelopment in 2009, with the signing of a

partnership agreement with SunGardAvailability Services, which is the largestbusiness continuity/disaster recovery spe-cialist in the world.

SunGard provides integrated production,recovery, consulting and continuity manage-ment software solutions that improve IT effi-ciency and resiliency for more than 10,000customers in North America and Europe. Thecompany’s focus on delivering solutions thathelp organizations maintain access to criticalinformation enables TeleCayman to providemanaged IT services to its business and car-rier-class customers.

“This is an exciting time for us,” saysHaydon. “First, we have really given the busi-ness community the opportunity to upgradeto state-of-the-art communications with fiberoptics and now can offer the finest in disaster-recovery service by combining our ability toprovide co-location services both on islandand in TeleBermuda International’s newly ex-panded data facility with our new partnershipwith SunGard Availability Services.

“Our goal is to incorporate the best re-sources and latest innovations into our busi-ness operations for the benefit of ourcustomers. We are definitely on the rightcourse.” | 2010

State-Of-The-Art Telecoms Provider

T E L E C A Y M A N

Since 1981, when Isaac and RhondaEdie opened for business out of 968square foot premises, Edie’s Décor has

been serving the interior-decorating needsof Cayman and growing as the Islands haveprospered.

Today, the 11,000 square foot operationhandles the supply and installation of a vari-ety of floor and wall coverings, and windowtreatments, sourced worldwide.

Throughout it all, the business has re-mained family owned, with daughter, Karen,as General Manager, and son Devon, asOperations Manager, joining ManagingDirector Isaac and Director Rhonda.

“The success and longevity of our com-pany has gone hand-in-hand with our com-mitment to high quality and excellentcustomer service,” says Karen Edie. “As wemove forward, these will remain the corner-stones of our business philosophy. After all,the company carries our name and we areproud of what we have provided to our cus-tomers in Cayman and will continue to pro-vide in the years ahead.”

Over almost 30 years, Edie’s Décor hasoffered a comprehensive range of qualityflooring, wall coverings and soft furnishings.

The company has played a pivotalrole in the development of manyCayman Islands projects includingmajor hotel chains and condomini-ums, and government and corpo-rate buildings.

As the company has advanced,its good work has been acknowl-edged through industry accolades.In 1996 and 1999, the TradeLeaders Club recognized Edie’sDécor with its Construction Awardand American Award for Quality, re-spectively, and in 2002, the InternationalAssociation of Business Leaders presentedthe company with the Lifetime Award forVision Performance and Leadership.

Edie’s Décor takes pride in its profession-alism and its ability to keep pace with the lat-est in interior-decorating trends, providingcustomers complete access to innovative de-signs from all over the world. Edie’s carries re-spected brands like Mohawk, Hunter Douglas,Kirsch, Norman Shutters, Marca Corona,Grespania, Pamesa and Emil Ceramica.

The company’s affiliation with leadingmanufacturers in the United States, SouthAmerica, Europe and Asia guarantees the

highest qualityproducts withthe benefits offactory-directpricing.

The range of in-stock and custom-orderproducts includes tiles, carpets, hardwoodand laminate flooring, blinds, custom-madedraperies and other window fashions and re-upholstery. Edie’s Décor also carries settingmaterials and tools for the do-it-yourselferand provides installation services for all itsproducts.

Edie’s team of customer-service repre-sentatives has an extensive knowledge of thecompany’s products and services and is al-ways eager to provide expert advice.Whatever their design needs, customers arewelcome to call or visit Edie’s showroom onEastern Avenue. | 2010

E D I E ’ S D É C O R

‘High Quality, Excellent Service’


While it can certainly besaid that Harbour HouseMarina was born of suc-

cess, over the last few decades thebusiness has grown on its own mer-its to serve the boaters of theCayman Islands.

Back in the 1980s, AdrienBriggs bought the facility to servicethe increasing number of vessels inhis marine companies. From thatsimple beginning, Harbour HouseMarina developed into a thrivingbusiness of its own.

Retail Manager Jonathan Cuffrecalls the evolution of Cayman’slargest marine store. “At the start,the idea was that Harbour Housewould provide a means to look afterall the boats in the companies inwhich Mr. Briggs was involved. Butit soon became apparent that itwould be able to provide a much-needed marine service to the widercommunity of boat owners in theCayman Islands.”

Towards that end, the companyundertook important purchases andupgrades to provide the bestservice available, Cuff explains.

“The first major acquisition wasa 70-ton Marine Travelift which evennow hauls and launches most of thelarger boats in Cayman. Next camethe replacement of the original re-tail store—or, to be more accurate,shack—with an 8000-square-footchandlery which today rivals any-thing the Caribbean has to offer interms of the range of blue-chipbrands and stock.”

While boats are the mainstay ofHarbour House Marina, Cayman’s largestmarine store is filled with the most up-to-date equipment, everything from the latestGarmin chartplotters to Nuvi roadmap GPS’sthat include Cayman.

But the store also provides an impressiverange of accessories to satisfy any and everyboating need, says Cuff.

“We basically have everything to serveeveryone from first-time buyers and week-end enthusiasts to experienced, seriousboaters. For example, if you are simplylooking for a day out to fish, we have Pennrods and reels as well as an extensive se-lection of fishing tackle. And pricing is verycompetitive.

“In addition, Sperry Docksider shoes and

Crocs are very popular with all customers,not just boaters. We carry many of the lateststyles in both ranges.

“We also have a full range of water skis,wakeboards, kneeboards and tow lines tocater to the more sporting of us. Kayaks arealso a great way to get on the water inCayman. We have a wide selection, fromsingle seaters to tandem kayaks.”

Then there is all the regular day-to-dayboating equipment such as anchors, life jack-ets (both for adults and children), fiberglassmatting and resin, a full range of cleaninggear, and electrical items. The chandlery alsooffers a fuel dock with water.

But on to the boats: Harbour HouseMarina is the dealer for Boston Whaler, Sea

Ray and Angler vessels, as well asthe Cayman Islands Honda Marinedistributor and a Mercury serviceand warranty center.

“We always sell our new boatsfully equipped so there are no hid-den extras to trip up the first-timebuyer,” adds Cuff. “We also supplybasic driving lessons and informa-tion on navigation.”

Both Boston Whaler and SeaRay have proved very popular withboaters in Cayman, he points out.“Sea Ray offers the ultimate in lux-ury and family fun, and BostonWhaler is a legendary genuinelyunsinkable boat that is great forfishing or for a family day out. Bothbrands have features that otherlesser brands simply cannot offer.”

In addition, Harbour House hasrecently been appointed distributorfor Angler boats. “This has filled agap in the boats we could offer cus-tomers by providing a good-qualitycenter-console boat at an excep-tional price. For example, an 18-foot Angler with a four-stroke 115horsepower engine fully equippedruns for approximately CI$25,000.”

Just as importantly, however,boaters can look to Harbour Housefor comprehensive service and re-pairs. The boatyard can handle awide variety of services includingboat hauling and storage, hull re-pair and painting, dry dock, alu-minum welding, sandblasting,fiberglass and sail repairs, and sal-vage and towing.

Despite the extensive array ofproducts and services that Harbour

House already provides, more improvementsare on the way. “Right now we are working onmajor plans to update the facility as a wholewhich will come to fruition over the next cou-ple of years,” says Cuff. “This will enable us tooffer all boaters a complete boating service.”

And keeping Cayman’s boating commu-nity well provided for is always top of the list.“We are constantly looking for new and ex-citing products to offer the consumer,” heexplains. “We truly value our customers andseek long-term relationships with them. Westrive every day to offer the best service, thebest products, and the best prices to theboaters in the Cayman Islands. At HarbourHouse Marina, the customer always comesfirst.” | 2010

H A R B O U R H O U S E M A R I N A

Everything—For Every Boater

BW 370 Outrage

Angler 220 VFX

“WE BASICALLY HAVE EVERYTHING TO SERVE EVERYONE

FROM FIRST-TIME BUYERS AND WEEKEND ENTHUSIASTS

TO EXPERIENCED, SERIOUS BOATERS.”–JONATHAN CUFF

LOCATION2050 NORTHWEST 94 AVENUEMIAMI, FLORIDA 33172

CONTACTT 305 594.2100 \\ 800 895.6244F 305 594.1870

[email protected]

“WORDS AND IMAGES, CREATIVELY COMBINED AND PRINTED WITH CARE HAVE THE POWER TO CHANGE THE WORLD.”

COLOR IS THE REFLECTION OF LIGHT.WE REFLECT BRILLIANTLY.

IS THE PROUD PRINTER OF “GRAND CAYMAN MAGAZINE”

.CERTIFIED

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