The Cayman Islands welcomed 10 new captives between 1 July and 30 September this year, according to the Insurance Managers Association of Cayman (IMAC).
The total number of captives licenced as of Q3 this year stood at 33, compared to 22 during the same period in 2015.
As of 30 September, the number of captives domiciled in Cayman totalled 711. Of that number, 361 represented pure captives and 146 accounted for segregated portfolio companies.
IMAC noted that medical professional liability represents 34 percent of captives and workers compensation accounts for 21 percent of captives in the Cayman Islands.
According to IMAC, captives are increasingly being used for more innovative uses, such as employee medical stop loss, equipment maintenance, and unrelated party risks
Total premiums written for the sector were $13.9 billion with total assets held reaching $59 billion, revealed IMAC.
Kieran O’Mahony, chair of IMAC, commented: “The acceleration in the number of new captive formations over recent years is evidence of the continued strength of our industry and the attractiveness of Cayman as the captive domicile of choice.”
He added: “What is even more remarkable is the fact that our segregated portfolio companies, and our group captives, for which we are also the leading domicile, are seeing steady organic growth (as well as new incorporations) and both of these models tend to suppress new captive formation numbers.”
“Whilst we are not a quantity driven domicile, rather for us in Cayman quality is key. Yes, being able to combine both of those elements, in the face of difficult market trading conditions, is especially satisfying.”
