‘Phenomenal year’ for Cayman captives
The Cayman Islands welcomed 39 new insurer licences in 2016, as well as two new portfolio insurance companies.
According to the Cayman Islands Monetary Authority, 2016 was a “phenomenal year” in terms of new insurance company formations.
The new licences included, 32 new class B insurers, five class C insurers and two class D insurers. During Q4, six new insurer licences were added to the Cayman Islands' international insurance market.
In total at the end of 2016, the Insurance Supervision Division had 860 insurance related licensees, of which 117 and 743 related to domestic and international insurance markets respectively.
