The Cayman Islands licensed 14 new captive insurance companies in Q2 2018, according to statistics from the Cayman Islands Monetary Authority (CIMA).
Of the 14 new captives licensed, five were class B (i) insurers, four were class B (ii) insurers, three were class D insurers, one was a class (ii) insurer and one was a class C insurer.
The statistics also reveal that as of 30 June 2018 there were a total of 698 class B, C, and D insurers, of which 44.99 percent are pure captives and 17.19 percent are group captives.
In terms of primary class of business, 32.23 percent were medical malpractice liability, 21.78 percent were workers’ compensation, 11.17 percent were general liability, 9.74 percent were property, 8.60 percent were professional liability and there were multiple business classes underneath five percent.
The CIMA statistics also showed that 89.40 percent of the companies insured risk in North America.
