Nine new captive insurance companies were licensed in the Cayman Islands during Q3, according to the Cayman Islands Monetary Authority (CIMA).
CIMA outlined that there were a total of 652 Class B, C and D insurance companies and 25 insurance managers under the supervision of the division as at 30 September, 2020.
This number is slightly down from Q1, where CIMA stated that they had 660 Class B, C and D insurance companies.
The nine new licenses included: Griffin Casualty, Ltd.; Lanier Community Assurance, Ltd.; Lewis and Clark Insurance Company Ltd.; Trulen Insurance SPC Limited; Angelina Insurance Company SPC Ltd.; Audit Safe SPC; Fundamental Global Reinsurance Ltd.;and IMA Bedrock PIC.
Artex Risk Solution are managing three; Willis Tower Watson (WTW) and Aon are managing two each, while Kensington Management Group and Strategic Risk Solutions (SRS) have one each.
Eight out of the nine were B licenses and the final license was a portfolio insurance company.
Pure captives and group captives represented the two main categories, with 282 and 124 companies.
As of Q3, over 21 percent of the total Class B, C, and D insurance companies were formed as segregated portfolio companies, with over 600 segregated portfolios.
Just like Q1, the Cayman Islands is the leading jurisdiction for healthcare captives representing almost one-third of all the captives.
In Q3, Medical Malpractice Liability (MedMal) continues to be the largest primary line of business with approximately 26 percent companies (re)insuring MedMal, and worker’s compensation the second largest with almost 23 percent of companies assuming this risk.
