The Cayman Islands Monetary Authority (CIMA) has released licensing statistics for Q2 of 2023 which “demonstrate the continued strength of the jurisdiction’s insurance industry.”
Between April and June 2023, CIMA issued licences to eight new captive insurance companies and three new portfolio insurance companies. It also issued one licence for a Class D commercial reinsurer.
With these new additions there are 675 Class B, C and D insurance companies licensed in Cayman, with approximately US$22 billion in premiums written and $71 billion in total assets.
The Insurance Managers Association of Cayman (IMAC) considers the business development pipelines for the industry to be “very healthy.” It expects a number of Class D, open market reinsurers to launch before the end of 2023.
IMAC encourages anyone who would like to learn more about Cayman Islands captives to register for this year’s Cayman Captive Forum. The forum is being held at the Ritz Carlton from 28 to 30 November.
Commenting on the statistics, Howard Byrne, managing director of Aon Cayman, says: “Interest in Cayman captives remains “very strong”. Aon has already established direct healthcare and affiliated non-life reinsurance licensees in 2023, and has a number of additional applications either with CIMA under review or pending submission.”
He adds: “The industry appreciates CIMA’s continued support, responsiveness and engagement, especially considering the large number of applications and diverse structure and client types involved.”
