The Cayman Islands captive insurance industry has amassed $13.5 billion in total premiums and $82.8 billion in total assets, its highest ever-recorded figures.
The figures—as at 30 June 2013—are up 52 percent and 5 percent respectively over the same period in 2012, that had been considered a banner year for growth in the industry.
The Cayman Islands Monetary Authority reported that they oversee 740 class B, C and D companies, with 412 of those pure captives and 134 as segregated portfolio companies.
The majority of these captives are from North American-based companies, with 34 percent of them relating to medical malpractice and 21 percent covering workers’ compensation.
The Cayman Islands recently signed a tax information exchange agreement with Brazil, providing a gateway to new markets and the opportunity to the continued growth in that region.
Rob Leadbetter, chairman of the Insurance Managers Association of Cayman, said: “2012 was considered a year of phenomenal growth for Cayman captives with 20 new licenses granted in the first two quarters (53 for the whole year), and over the same period this year we have attracted 24 new captives.”
“This is very encouraging and demonstrates the fact that Cayman continues to attract solid business because of its high level of transparency and regard for international regulatory initiatives and its history of integrity.”
