The Cayman Island’s captive insurance industry has set a ‘brisk pace’ to new formations so far this year with 23 new licenses issued.
In Q3, Cayman welcomed seven new class B formations, which included two third-party insurers.
In total this year, there have been 20 class B licenses issued, 11 of which represent third-party insurers, and three class C licenses.
Last year, Cayman licensed a total of 39 captives.
In September, a panel discussion, organised by the Insurance Managers Association of Cayman (IMAC), suggested that the industry on the island has continued to develop and innovate throughout its 40-year captives history.
Commenting on the domicile’s growth, Linda Haddleton, chair of IMAC, said: “The picture so far in 2017 continues to look positive and is expected to improve further as we move into the Q4 which is traditionally the busiest season for new formations, as a result Cayman looks on track to repeat the success of 2016. This is rewarding news for the jurisdiction and demonstrates the continued confidence in the Cayman Islands as a jurisdiction.”
Haddleton added: “It is particularly pleasing to note the number of captives formed to write third party business as the diversity of Cayman licensees continues to develop and shows the undoubted strength of innovation in the Cayman Islands market and the ability to create alternative risk financing solutions.”
“There is no doubt that trade and commerce becomes more global every day, bringing many challenges but also opportunities. The more broad your experience, the more innovative you tend to become. Exposure to wide-ranging financial structures allows for lateral thinking when it comes to innovative structuring and development of appropriate regulations.”