The Insurance Managers Association of Cayman (IMAC) reports continued growth in the Cayman Islands’ international insurance sector, following the release of Q1 2026 licensing statistics by the Cayman Islands Monetary Authority (CIMA). Between January and March 2026, CIMA issues 14 new international insurer licences, comprising six Class B(i)s, seven Class B(iii)s, and one Class C. In addition, four portfolio insurance companies (PICs) are approved during the period. This marks a significant increase compared to the five licences issued during the same period in 2025, underscoring sustained interest in the Cayman Islands as a leading insurance domicile and signalling momentum for the remainder of the year. Following these additions, Cayman now hosts a total of 722 Class B, C, and D insurance companies. These entities collectively write approximately US$51 billion in premiums and hold an estimated US$176 billion in total assets. The jurisdiction’s licensing framework categorises insurers based on their business type and the percentage of related-party business they conduct. Class B(i) licences are for pure captives writing at least 95 per cent of net premiums from parent or related entities, carrying a minimum capital requirement (MCR) of US$100,000. Class B(ii) captives write more than 50 per cent but less than 95 per cent related business with an MCR of US$150,000. Class B(iii) captives write 50 per cent or less related business and are often used for third-party business or open-market insurers, carrying an MCR of US$200,000. Additionally, Class C licences are designated for special purpose vehicles such as catastrophe bonds and insurance-linked securities, with a lower MCR of US$500 as their obligations are collateralised. PICs act as separate legal entities incorporated by a segregated portfolio of a segregated portfolio company (SPC). This structure allows a cell to have its own legal personality, a separate board, and the ability to contract independently while operating under the parent SPC’s licence. Growth in the Class B(iii) category remains a key driver as the jurisdiction attracts new reinsurers. This upward trend in reinsurance activity was recently highlighted at the third annual Cayman International Reinsurance Companies Association (CIRCA) conference, ReConnect, held at the Ritz-Carlton, Grand Cayman. The event attracted over 675 attendees, reflecting the territory’s growing influence in the global reinsurance market. During the conference, the Cayman Islands Premier announced the jurisdiction’s intention to pursue qualified jurisdiction status, with an application expected before the end of Q2 2026. This status is expected to further streamline collateral requirements for Cayman-based reinsurers doing business in the US. Commenting on the Q1 figures, James Trundle, chair of IMAC, says: “It is encouraging to see the increase in new licensees during the first quarter of 2026. Cayman remains well positioned, supported by a vibrant international insurance industry, demonstrated at the recent ReConnect conference that attracted over 675 attendees.” Trundle adds: “During ReConnect, the Cayman Islands Premier also announced the jurisdiction’s intention to pursue qualified jurisdiction status, with an application expected before the end of Q2 2026. This is a positive step that could further support growth in new licences by enhancing Cayman’s attractiveness to international insurers and reinsurers: particularly those seeking efficient access to key markets. “We also look ahead to the Cayman Captive Forum, taking place from December 1 to 3, which will once again showcase the jurisdiction’s strengths while bringing key industry updates and insights to the forefront.”
