The latest licensing statistics report released by the Cayman Islands Monetary Authority (CIMA) has revealed an overall strong performance for the captive insurance industry throughout 2024.
The report notes that 40 new international insurers licenses were issued within 2024, which included one Class D open market reinsurer. In the same year, three new insurance managers were also licensed.
Other statistics from the report highlight a growth in new licenses issued for traditional single-parent captives as well as third-party reinsurers, with 13 and 24 new licenses issued, respectively, over the course of the year.
The Insurance Managers Association of Cayman (IMAC) represents the international insurance industry in the Cayman Islands.
IMAC chair Kieran Mehigan comments: “Cayman continues to attract new licensees due to the strong and effective legislation and professional infrastructure. Thank you to CIMA who has played a key role in this recent growth, through their positive engagement and responsiveness.”
