AGP Executive Report

Chief of Staff Appointment: Premier André Ebanks has named Dr Karie Bergstrom as Chief of Staff, effective 1 October, tasking her with strategic policy support and change management. Pensions Pressure: Employment and Immigration Minister Michael Myles says about 2,000 employers are in default on pension and healthcare payments, totalling CI$2 million, and warns new permits and licences will be blocked until debts are cleared. Regional Diplomacy: Cayman will host the 2027 Caribbean Overseas Territories Leaders Caucus session, with priorities spanning climate resilience, health, financial services, trade and cost of living. Banking Costs: Local banks are moving to reflect a US rate hike, lifting loan interest rates from 6.75% to 7% from Friday, likely raising borrowing costs for households and businesses. Air Connectivity: Cayman Airways has launched a new vacations booking website, while Southwest expands Caribbean routes that include Grand Cayman. Crypto & Finance: Cayman-linked crypto and finance developments include CZR’s app upgrade ahead of TOKEN2049 and Celsius’ estate suing BitMEX for about US$495m over 2020 liquidations. Business Compliance Clash: Opposition Leader Joey Hew disputes claims by Minister Myles that he changed the Trade and Business Licensing Act in 2017 to ease pension and healthcare proof requirements.

Crisis & Courts: Celsius Network’s bankruptcy estate has sued BitMEX in New York, seeking the return of 6,360.17 BTC (about US$495m) tied to March 2020 forced liquidations, naming BitMEX-linked entities with Cayman and Bermuda links; the claims are still allegations as the exchange prepares to end trading on Sept 23. Crypto Market Pulse: A new Henley & Partners report says the number of crypto millionaires fell to 135,694 worldwide, while global crypto ownership reached 742 million—Bitcoin remains the biggest share of high-value holders. Local Compliance Crackdown: Cayman’s Employment and Immigration Minister says around 2,000 employers are in default on staff pension and health insurance payments (CI$2m total), and new permits and licences will be blocked until arrears are cleared. Digital Resilience: Finance and Social Development ministers attended the ITU WTPF-26 in Nassau, reviewing priorities including digital inclusion and telecom resilience for Cayman’s financial services and public systems. Tourism & Travel Tech: Cayman Airways launched Cayman Airways Vacations, a new online platform to book flight-and-hotel packages in one place. Business & Finance: CIBC Caribbean highlighted about US$820m in sustainable finance initiatives and clean-energy financing across the region, including projects in the Cayman Islands. Aviation Cargo Expansion: BermudAir plans to add an Embraer E190F freighter, boosting express cargo capacity across its network. Preparedness: Cayman will observe National Week of Readiness (16–23 Sept) to push hurricane preparedness ahead of the peak season.

Cayman Business & Finance: Caymanian Employment and Immigration Minister Michael Myles says about 2,000 employers are in default on staff pension and health insurance payments totalling CI$2 million, and from now will be blocked from new or renewed permits and trade licences until arrears are cleared. Crypto & Disputes: Celsius Network’s bankruptcy estate has sued BitMEX in New York seeking the return of 6,360.17 Bitcoin (about $495m) tied to forced liquidations during the March 2020 crash, naming multiple BitMEX-linked entities across Bermuda, the Cayman Islands and other jurisdictions. Offshore Legal/Professional Services: Walkers Professional Services is expanding in Luxembourg via an acquisition of Value Partners, adding a base in one of Europe’s key alternative funds markets and bringing the combined team to 560 colleagues across major centres including Cayman. Markets & Listings: Meey Global Corp, a Cayman Islands holding company, has filed with the US SEC for a proposed Nasdaq IPO. Sustainable Finance: CIBC Caribbean says it has arranged or invested about US$820m in sustainable finance across the region, including renewable energy projects in the Cayman Islands. Corporate Capital Raises: Cuprina Holdings (Cayman) priced a US$4.97m public offering, while Huachen AI Parking Management Technology closed a US$2.75m offering. Local Environment & Fishing: The Department of Environment is testing an electromagnetic shark deterrent device with anglers to reduce shark-related loss of catch and tackle.

Environment & Fisheries: The Cayman Islands Department of Environment is testing the “Rpelx” electromagnetic shark deterrent with local anglers, aiming to cut shark losses of hooked fish and tackle while supporting shark conservation; the 3-year Darwin Plus-funded project will compare 100 deep drops with and 100 without the device. Addiction Recovery: Beacon Farms convened a cross-sector symposium to strengthen Cayman’s addiction recovery “continuum of care,” focusing on prevention, adolescent services, funding models, information-sharing, and aftercare—while flagging employment as a key barrier for people rebuilding their lives. Crypto & Finance: Trinidad and Tobago is preparing to move its crypto sector from a sandbox to a permanent regulatory framework, with regulators looking at uses beyond trading, including remittances, cross-border payments, stablecoins and tokenisation. Corporate & Legal: An intermediate insurance holding company based in the Cayman Islands has filed for Chapter 15 protection in New York to preserve U.S. assets for creditors. Local Business & Compliance: Cayman’s Customs & Border Control Service reminded buyers that importing vehicles with model years eight years or older is prohibited, with specific 2019/2020 cut-offs as 2026 ends. Talent & Community: Cayman Finance marked 48 students completing its LEAD work-experience programme, while Dart announced its 2026 scholarship recipients.

Insolvency & Cross-border Finance: An intermediate insurance holding company based in the Cayman Islands filed for Chapter 15 protection in New York to preserve its U.S. assets for creditors. Corporate Deals: Flag Ship Acquisition Corporation announced a definitive merger agreement to combine with Cayman-based Bluechip & Co. Holdings, creating a two-step structure where Bluechip becomes a wholly owned subsidiary of the SPAC parent. Capital Markets: FTAI Aviation approved a new $500m share repurchase programme, while Huachen AI Parking priced a $2.75m registered direct offering. Local Business & Talent Pipeline: Cayman Finance recognised 48 students completing its LEAD work experience programme, continuing a decade-plus push to feed Cayman’s financial services workforce. Tech & Services in Cayman: Apple expanded iCloud+ bundles in 100+ countries to include Apple TV and Apple Arcade at no extra charge, with Cayman listed among the supported markets. Governance & Policy Outreach: Premier André Ebanks is in London and Dublin for meetings with UK overseas territories leadership and financial services stakeholders, including a Cayman Finance roundtable. Regulatory Reminder: Cayman Customs reminded buyers that vehicle imports are restricted by model year, with 2019 models needing arrival by 31 Dec 2026. Investments & Funds: Cypher Capital launched the Cypher Digital Fund, an open-ended Cayman-registered fund for professional and institutional investors trading digital markets.

Local Talent Pipeline: Cayman Finance marked 48 Caymanian students completing its 2026 LEAD programme, pairing mentorship with a four-week paid placement across legal, accounting, compliance, fund services and insurance. Leadership Change: Dart named Joanne Lawson as CEO, with founder Ken Dart’s long-time leadership continuity shifting as Mark VanDevelde moves to executive director and chairman. Investment Products: Cypher Capital launched the Cypher Digital Fund, an open-ended Cayman Islands Monetary Authority-registered fund for professional and institutional investors, trading crypto, tokenised real-world assets, prediction markets and on-chain credit. Crypto Transparency: Toobit published September 2026 Proof of Reserves showing BTC/ETH/USDT/USDC backing above 100%, alongside cold storage and independent security testing. Corporate & Finance Links: Appleby secured a significant minority investment from New Mountain Capital via a newly formed Cayman Islands holding structure to fund expansion and technology. Beneficial Ownership Politics: UK Overseas Territories minister Uma Kumaran addressed PARBO, backing wider beneficial ownership access via “legitimate interest” routes that Cayman and others have pushed for. Energy & Compliance Watch: Cayman’s Customs reminded buyers that vehicles model year 2018+ are prohibited, with 2019 arrivals capped at 31 Dec 2026. Business & Community: Cayman Islands Red Cross golf tournament raised over CI$100,000 for disaster management, first aid, child protection, seniors support and outreach. Global Market Mood: A report on crypto wealth says digital-asset wealth held up in 2026, with 135,694 crypto millionaires worldwide.

Offshore Finance & Legal: Appleby says New Mountain Capital will take a significant minority stake via a newly formed Cayman Islands company, backing expansion, technology and potential acquisitions while partners keep majority control. Local Governance & Trade: Cayman Customs reminds buyers that importing vehicles eight years or older is prohibited, with 2019-model cars needing to arrive by 31 Dec 2026 or face seizure from 1 Jan 2027. Premier’s Diplomacy: Premier André Ebanks heads to London and Dublin for meetings with UK and EU stakeholders, including a Cayman Finance roundtable and the Maples Insight London Investment Funds Forum. Corporate Moves: KKR exits First Gen, selling its full 19.9% stake to Cayman Islands-based Angsana Finance for about P25.77bn after its bid to buy more shares was rejected. Crypto & Risk Management: Toobit publishes September Proof of Reserves showing BTC/ETH/USDT/USDC backed above 100%, while Aspida appoints Aaron Sarfatti as Chief Risk Officer to strengthen enterprise risk across retirement and reinsurance. Telecoms Dispute: C3 Pure Fibre prepares to seek leave to appeal after the Court of Appeal upheld OfReg’s licence fee collections as lawful. Business & Community: Cayman Islands Red Cross Golf Tournament raises over CI$100,000 for core programmes, and Logic’s “Connect for Inclusion Cayman” campaign collects KYD$10,000 for disability inclusion. Insurance Outlook: AM Best says a UK captive framework could become competitive, though taxation remains a key factor for parent companies.

Customs & Border Control: CBC warns vehicle buyers that import rules tighten as 2026 ends—2018-or-older models are prohibited, 2019 models must arrive by 31 Dec 2026, and from 1 Jan 2027 any 2019-or-older vehicle will be prohibited (with non-exempt late arrivals subject to seizure). Regional Finance & Diplomacy: Cayman Premier André Ebanks and other Caribbean Overseas Territories leaders wrapped up a 2026 caucus in Bermuda, aligning on shared priorities including financial services, trade, climate impacts and cooperation ahead of the UK Joint Ministerial Council. Government Outreach: Ebanks is set to travel to London and Dublin to meet UK and EU stakeholders and investment funds, including speaking at the Maples Insight London Investment Funds Forum. Corporate Leadership: Dart appoints Joanne Lawson as CEO, effective immediately, with Mark VanDevelde moving to executive director and chairman roles. Crypto & Risk Transparency: Toobit released its September Proof of Reserves, showing BTC/ETH/USDT/USDC backing ratios above 100% and highlighting cold storage and security testing. Insurance & Captives: AM Best says a UK captive framework could become competitive, while broader coverage points to “explosive” captive growth driven by mega AI data centre risks. Local Policy & Cost of Living: Cayman’s permanent CI$800 duty-free allowance for travellers starts 1 Sept, replacing the temporary CI$1,000 summer allowance. Telecom Legal Fight: C3 says it will seek leave to appeal after the Court of Appeal ruled OfReg licence fees were lawful, as it continues a dispute over fees paid since 2002. Business Climate: Cayman’s record heat and drought conditions continue to be reported, adding pressure to planning for resilience and costs.

Caribbean Diplomacy: Cayman Premier André Ebanks joined Bermuda’s UKOT Caribbean caucus, with Anguilla’s Cora Richardson-Hodge and Turks & Caicos’ Jamell Robinson visiting the House of Assembly as leaders compare priorities on economic resilience and climate preparedness. Customs & Cost of Living: The Cayman Islands’ permanent personal duty-free allowance is now CI$800 (from CI$500), replacing the temporary CI$1,000 summer allowance that ended 31 August; the temporary allowance returns 23 Nov–7 Jan. Telecom Regulation: C3 Pure Fibre says it will seek leave to appeal to the JCPC after the Court of Appeal ruled OfReg licence fees were lawful, as the regulator pursues CI$500,000+ in fees. Public Finance Accountability: Government outcome-based budgeting is still not ready for the next cycle, with improvements expected by 2030/31, after PAC scrutiny of OAG recommendations. Weather & Business Risk: Record-breaking heat continued into August, with Grand Cayman 11 inches below wet-season rainfall and Cayman Brac 12 inches below, linked to El Niño. Reinsurance Industry: CIRCA opened early-bird registration for ReConnect 2027, focused on regulation, capital and risk.

Cayman Duty-Free Update: The temporary CI$1,000 summer allowance ended 31 August, and a permanent CI$800 duty-free personal and household allowance took effect from 1 September, with duty payable only on amounts above the threshold. Telecom Legal Battle: C3 Pure Fibre says it will seek leave to appeal to the Privy Council after the Cayman Islands Court of Appeal ruled OfReg’s historically charged licence fees were lawful, as OfReg pursues more than CI$500,000 in fees and C3 seeks refunds. Government Budget Reform: The Public Accounts Committee heard that Cayman’s shift toward outcome-based budgeting is still a work in progress, with full outcome reporting not expected until at least the 2030/31 budget cycle. Climate & Water Pressure: Cayman recorded record-breaking August temperatures and very low rainfall, with El Niño blamed for keeping storms away and worsening dry conditions. Reinsurance Industry: CIRCA opened early-bird registration for ReConnect 2027 in April, while Fitch reiterated Bermuda’s dominance in offshore life reinsurance. Crypto & Cayman Listings: OceanLight’s Cayman exempted SPAC units begin separate trading, and Centrifuge’s CP172 passed to convert token holders into Cayman-incorporated tokenized equity. Local Business & Community: Logic raised KYD$10,000 for Inclusion Cayman through its Connect for Inclusion campaign, and IMAC announced its 2026 scholarship recipients.

Water Security: A new look at desalination argues the technology has crossed a “tipping point” as CARICOM countries face drought and record heat, shifting the debate from cost and carbon to environmental and financial risks. Captive Insurance & AI Infrastructure: Bloomberg reports mega AI data centres are driving “explosive” growth in captives for physical-risk coverage, with build-out, construction, property and liability risks increasingly landing inside insurers’ own structures. Cayman Climate Watch: Cayman Islands National Weather Service data shows record-breaking August heat, with Grand Cayman’s hottest day at 95.4°F and rainfall far below average, linked to El Niño conditions. Local Policy & Governance: Government says it won’t publish outcome-based budgets until at least 2030, though reforms are underway to better show what public spending achieves. Customs Update: The permanent CI$800 duty-free allowance for residents is now in effect from 1 September, with the higher temporary allowance resuming later in November. Telecoms Legal Fight: C3 Pure Fibre plans to seek leave to appeal to the Privy Council after a Court of Appeal ruling upheld OfReg licence fees as lawful. Reinsurance Industry: CIRCA opens early-bird registration for ReConnect 2027, focused on regulation, capital, risk and investment in international reinsurance. Offshore Finance Signals: Fitch says Bermuda dominates offshore life reinsurance reserves (85% at end-2025), while flagging regulatory arbitrage risk in less transparent jurisdictions. Crypto & Cayman Structures: Centrifuge’s CP172 marks a token-to-equity conversion path via a Cayman Islands exempted company, while OceanLight’s units are set to separate for trading on Nasdaq. Business & Trade: GIFT City eyes a bigger slice of aircraft leasing, noting that much of the sector is financed through entities including the Cayman Islands.

Cayman Duty-Free Update: The permanent CI$800 duty-free allowance for travellers and residents’ personal/household goods is now in effect from 1 September, with the temporary CI$1,000 summer allowance ending 31 August. Telecoms Court Fight: C3 Pure Fibre says it will seek leave to appeal to the UK Privy Council after the Cayman Islands Court of Appeal ruled OfReg licence fees were lawful, keeping a dispute over more than CI$500,000 in fees alive. Government Budget Reform: Cayman’s Public Accounts Committee heard that outcome-based budgeting won’t be fully reflected until at least the 2030 budget cycle, though some efficiencies are planned. Weather & Economy: Record-breaking August heat and low rainfall left Grand Cayman 11 inches below wet-season averages so far, with El Niño blamed for hot, dry conditions. Offshore Finance Signals: Fitch expects Bermuda to retain dominance in offshore life reinsurance, while noting Cayman’s regulatory approach as less robust—an issue for regional risk and capital flows. Reinsurance Industry Calendar: CIRCA opened early-bird registration for ReConnect 2027 (15-16 April) in Grand Cayman. Corporate Listings: OceanLight Acquisition Corporation says its unit holders can now separately trade ordinary shares, rights and warrants on Nasdaq. Crypto & Cayman Links: Toobit wrapped TIFT 2026 with nearly 60,000 traders, while Centrifuge advanced a token-to-equity conversion after CP172 passed, using a Cayman Islands exempted company structure.

Nasdaq Listing Watch: Eastern International Ltd. says Nasdaq notified it of a minimum bid price deficiency after its share price stayed below $1 for 30 straight days; it has until March 9, 2027 to regain compliance. Telecom Fees Dispute: C3 Pure Fibre plans to seek leave to appeal to the Privy Council after the Cayman Islands Court of Appeal ruled OfReg’s historically charged licence fees were lawful, with OfReg still pursuing over CI$500,000. Customs Update: The permanent CI$800 duty-free allowance for returning residents is now in effect (temporary CI$1,000 allowance ended 31 August; it resumes 23 Nov–7 Jan). Reinsurance Outlook: Fitch expects Bermuda to keep its dominant edge in offshore life reinsurance, citing scale and regulatory transparency—while noting Cayman’s framework is viewed as less robust. Local Governance & Spending: Government says outcome-based budgeting won’t be fully ready until at least 2030, though reforms are underway. Crypto & Cayman Structures: Centrifuge’s CP172 passed, enabling token holders to convert CFG into tokenized equity via a Cayman exempted company; OceanLight also announced separate trading of its units on Nasdaq. Climate & Costs: Cayman recorded record-breaking August heat and very low rainfall; meanwhile, duty-free and telecom policy shifts add to the week’s business-and-regulatory focus.

Government Accountability: Cayman’s move toward outcome-based budgeting is still not ready, with the Public Accounts Committee hearing that CIG won’t show results from its annual CI$1bn+ spend until at least 2030. Court & Shipping: A Miami court approved records-only subpoenas in the Alfa Nero yacht dispute, potentially pulling in Cayman-linked parties as the vessel’s seizure and sale challenge continues. Crypto & Finance: Centrifuge’s CP172 governance vote passed, enabling CFG token holders to convert into tokenized company shares via a Cayman Islands exempted company structure on a voluntary 1:1 basis. Business Listings: OceanLight Acquisition Corporation says holders can separately trade ordinary shares, rights and warrants from about Sept. 11, with Cayman status noted in the filing. Local Economy & Trade: Customs confirms the permanent CI$800 duty-free allowance for returning residents is now in effect from Sept. 1, with a higher temporary allowance resuming later in November. Community & Inclusion: Logic’s “Connect for Inclusion Cayman” campaign raised KYD$10,000 for Inclusion Cayman, boosting disability inclusion awareness across the islands. Industry Events: CIRCA opens early-bird registration for ReConnect 2027 (15-16 April 2027, Ritz-Carlton Grand Cayman).

Crypto & Cayman Finance: Centrifuge’s CP172 governance vote has cleared the way for a token-to-equity conversion, restructuring its foundation into a Cayman Islands exempted company (Centrifuge, Inc.) and enabling CFG holders to swap into tokenized shares on a voluntary 1:1 basis. Capital Markets: OceanLight Acquisition Corporation (Cayman Islands exempted company) says holders of its IPO units can now separately trade ordinary shares, rights and warrants from around Sept. 11. Reinsurance & Industry Events: CIRCA has opened early-bird registration for ReConnect 2027 (15-16 April, Ritz-Carlton Grand Cayman), positioning it as a discussion-led forum on regulation, capital and risk. Local Governance & Housing Oversight: The Public Accounts Committee heard that the Department of Financial Assistance is still measuring outputs, not outcomes, as it faces outstanding Auditor General recommendations—raising pressure on how government tracks results. Construction Costs Watch: A Bahama Rock production halt is flagged as a potential threat to Cayman and wider Caribbean development via supply shortages and higher materials costs, with shipping and concrete price pressures already biting. Trade & Compliance: Cayman Customs confirms the permanent CI$800 duty-free allowance for returning residents is now in effect from Sept. 1, with a higher temporary allowance resuming later in the year. Business Community: IMAC named its 2026 scholarship recipients, continuing a fund that has supported more than US$5m since 1994. Cyber/Identity & Crypto Trading: BTCC launched a TOKEN2049 “Trade To Win” competition from Cayman, offering a $1m prize pool and a Tesla Cybertruck top prize.

Insurance & Finance: Coralisle Group says 2025 net income rose 38% to US$94.7m, helped by higher insurance revenue, investment income and a tax benefit, and it booked a US$1.46m gain after selling its 40% stake in Beacon Insurance Company. Digital Assets & Regulation: The UAE jumped to 2nd in the Henley Crypto Adoption Index 2026, scoring 10/10 for tax-friendliness, while Cayman Islands is ranked 12th in the same report; Henley also flags Dubai’s standalone virtual asset regulator. Local Customs: Returning residents can now claim a permanent CI$800 duty-free allowance (from 1 Sept), after the CI$1,000 summer allowance ended on 31 Aug; the temporary CI$1,000 allowance returns from 23 Nov to 7 Jan. Public Governance: Deputy Governor Gloria McField-Nixon told the Public Accounts Committee the civil service has “fallen short” on Auditor General follow-ups and is moving to a risk-based approach to clear long-running recommendations. Business & People: PROVEN Bank appointed Sonja M. Salmon as President and CEO for Cayman and St. Lucia; and the Office of the Premier named Dr Karie Bergstrom as Chief of Staff from 1 Oct. Crypto Infrastructure: Tianci International says BTCT will host and maintain its cryptocurrency mining machines under a new hosting agreement. Education & Training: Ten CBC officers completed specialised AML/CFT/PF and targeted financial sanctions training in Cayman Brac. Tourism & Community: The 23rd International Scuba Diving Hall of Fame induction ceremony returned to Hotel Indigo, with Cayman’s marine tourism and conservation spotlighted.