The Cayman Islands international insurance sector has made “a promising start to 2019”, according to the Cayman Islands Monetary Authority (CIMA) insurance supervision division.
In the first quarter of the year, the Cayman Islands international insurance sector added 13 new insurer licenses and four portfolio insurance companies, with a further 5 insurer licenses added in April.
A statement from CIMA revealed: “New formations included traditional healthcare, pure and group captives as well as insurers formed as open-market (re)insurers to provide coverage to third parties.”
Not only has the Cayman market grown in terms of formations, but there has also been a growth in the business done by existing insurers.
CIMA noted: “Group captives recorded growth in 2018/19 and as a result, total assets and premium written by the Cayman-based insurance companies increased from $14.3 billion and $62.8 billion as at 31 March 2018 to $15.4 billion and $68.9 billion as at 31 March 2019 respectively.”
Additionally, CIMA praised the increased diversity of the new insurance companies being formed.
The association commented: “Whilst it is encouraging to see traditional captives, including healthcare captives, continue to be formed, it is promising to see increasing diversity of new insurance companies being formed in Cayman.”
“It is evident that the global reinsurance markets have reacted positively to Cayman’s reinsurance regulatory framework and expertise, and as a consequence, a number of reinsurance entities have established a reinsurance presence in the Cayman Islands.”
“This includes re-domestications from other jurisdictions.”
