The Cayman Islands has licensed 15 new captives this year, according to Patrick Bodden.
The Cayman Islands Monetary Authority (CIMA) deputy-managing director, who was addressing approximately 1,500 registrants at this year’s Cayman Captive Forum, revealed that 189 new captives have been licensed between 2010 and 2015.
Cayman is home to 369 pure captives, 142-segregated portfolio companies and 123 group captives.
Other categories include 31 special purpose vehicles (4 percent), 46 commercial insurers (6 percent) and 1 reinsurer. The 142 segregated portfolio companies include more than 600 active segregated portfolios.
Healthcare captives account for approximately 45 percent of Cayman’s international insurers, which have reached 712. The next largest industry segment is financial services at 25 percent, said Bodden.
He also revealed that by line of business, 34 percent of international insurers provide hospital and medical professional liability, followed by workers’ compensation (21 percent), property (11 percent), general liability (11 percent) and professional liability (9 percent).
According to Bodden, as of November this year, the risk location of Cayman captives continued to be dominated by North America, which accounts for 90 percent of the Cayman market, followed by the Caribbean and Latin America at 3 percent, Europe at 2 percent, and the remaining global market at 5 percent.
