The Cayman Islands Monetary Authority (CIMA) has released its licensing statistics for the third quarter of 2024, revealing strong growth in the sector. Between July and September, the authority issued five new international insurer licenses, including three B(i)s and two B(iii)s, marking continued momentum in the Cayman Islands’ insurance landscape.
When combined with the 24 new licensees from the first half of 2024, the total of 29 new international insurance licenses issued so far this year represents a notable increase over the same period in 2023.
With the addition of these new licensees, the Cayman Islands now hosts 696 Class B, C, and D insurance companies, with approximately $42 billion in premiums written, and $154 billion in total assets, excluding individual cells.
As we approach the fourth quarter, historically a peak period for new license applications, Cayman’s insurance managers have reported a robust pipeline of new business, while CIMA continues to process several active applications, indicating a positive outlook for further growth, said the Insurance Managers Association of Cayman (IMAC) in a press release.
Kieran Mehigan, chair of the association, said 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. We’re witnessing growth across all captive types, especially in Q2, with a diverse range of new licensees and classes,” he said. “It’s 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.”
IMAC invites those interested in learning more about the Cayman Islands’ captive insurance industry to attend the Cayman Captive Forum at The Ritz-Carlton, from 3 to 5 Dec. 2024. For further information, visit IMAC’s website.
The Insurance Managers Association of Cayman (IMAC) represents the international insurance industry in the Cayman Islands. IMAC liaises with government and the regulator on the industry’s behalf and promotes innovation and international competitiveness to maintain Cayman’s advantageous market position. The Cayman Islands is the second largest domicile in the world for captives and a dominant jurisdiction for healthcare captives, group captives, catastrophe bonds and international reinsurance.
