The Cayman Islands Monetary Authority (CIMA) recently released licensing statistics for 2Q 2023 which demonstrate the continued strength of the jurisdiction’s insurance industry.
Between April and June 2023, CIMA issued licenses to eight new captive insurance companies — four B(i)s and four B(iii)s — and three new portfolio insurance companies.
In addition, CIMA issued one license for a Class D commercial reinsurer.
With the addition of these new licensees there are now 675 Class B, C and D insurance companies licensed in Cayman, with approximately US$22 billion in premiums written and US$71 billion in total assets.
In a press release issued by IMAC, Howard Byrne of Aon Cayman said, interest in Cayman captives — direct and reinsurance — remains very strong.
“Aon has already established direct healthcare and affiliated non-life reinsurance licensees in 2023, and has a number of additional applications either with CIMA under review or pending submission.” Byrne said, “The industry appreciates CIMA’s continued support, responsiveness and engagement, especially considering the large number of applications and diverse structure and client types involved.”
Based on discussions with several of its member insurance managers, the Insurance Managers Association of Cayman (IMAC) considers the business development pipelines for the industry to be very healthy. A number of Class D, open market reinsurers are expected to launch before the end of 2023.
Ian Bridges from Global Captive Management (GCM) confirmed the expectation of additional growth, commenting that GCM “continues to see interest in medium size single parent captives plus a continued growth in new group captive formations and a growth in existing group captives”.
IMAC’s annual conference, the Cayman Captive Forum, is held at The Ritz-Carlton from 28 to 30 Nov. Early bird registration remains open until 1st September.