The Cayman Islands Monetary Authority (CIMA) issued 10 captive licences in the second quarter of 2024, including three B(i)s, one B(ii), and six B(iii)s.
The regulator also licensed a class D insurer and a class C reinsurer.
With 12 new licensees in Q1 2024, CIMA authorises a total of 24 international insurance companies so far in 2024, which represents a 50 per cent increase over the same period in 2023.
There are now 700 Class B, C and D insurance companies licensed in Cayman, with approximately US$40 billion in premiums written and US$151 billion in total assets. These figures do not include individual cells.
Kieran Mehigan, chair of the Insurance Managers Association of Cayman, remarks: "The international commercial (re)insurance and captive industry in Cayman continues to thrive. We are seeing growth across all types of captives as insureds face a challenging market for certain lines of coverage, encounter capacity shortages, and deal with coverage restrictions.
“The life and annuity reinsurance sector is also growing, driven by annuity providers seeking enhanced capital efficiency. This growth was especially evident in Q2, given the variety of licensees and licence classes.”
He continues: “It’s very encouraging to see single-parent and group captives thriving alongside new commercial reinsurers. These developments are contributing to Cayman's continued growth as a prime jurisdiction for the international insurance industry, under
