The Cayman Islands Monetary Authority (CIMA) issued five new captive licences in the third quarter of 2024, including three B(i)s and two B(iii)s.
With 24 new licensees from the first half of 2024, CIMA authorises a total of 29 international insurance companies so far in 2024, representing a notable increase over the same period in 2023.
There are now 696 Class B, C, and D insurance companies with approximately US$42 billion in premiums written, and US$154 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 insurance, reinsurance, and captive industry in Cayman is thriving.
“Our jurisdiction’s success is largely due to the Cayman Islands' favourable regulatory environment, robust legal framework, and tax-neutral status, which continue to attract global firms seeking cost-effective and efficient structures.”
He further adds: “We are witnessing growth across all captive types, especially in Q2, with a diverse range of new licensees and classes. It is encouraging to see single-parent and group captives continuing to expand, alongside new commercial reinsurers, all contributing to the growing prominence of the Cayman Islands as a leading jurisdiction."
The Insurance Managers Association of Cayman will host Cayman Captive Forum 2024 from 3-5 December at the Grand Cayman Ritz-Carlton.
