Kieran Mehigan, chair, IMAC
The Cayman Islands Monetary Authority (CIMA) issued 40 new insurance licenses last year, the highest number in a decade. The figures included one Class D open market reinsurer.
Additionally, three new insurance managers were licensed during 2024.
In the fourth quarter of last year alone, the regulator issued 12 new insurance licenses – three B(i)s, eight B(iii)s, and one Class C.
At the end of 2024, Cayman was home to 697 Class B, C, and D insurance companies, writing $41 billion in premiums and holding $153 billion in total assets.
The Insurance Managers Association of Cayman said in a press release the growth in new licenses throughout 2024 has been highly encouraging, with strong activity anticipated to continue well into 2025.
IMAC Chair Kieran Mehigan commented: “Cayman continues to attract new licensees due to the strong and effective legislation and professional infrastructure. Thank you to the Cayman Islands Monetary Authority (CIMA) who has played a key role in this recent growth, through their positive engagement and responsiveness. It is also encouraging to note the licensing of new insurance managers, who will undoubtedly help to attract additional licensees to the jurisdiction.”
The 2024 statistics show that traditional single-parent captives licensed as B(i) from a variety of industries, also saw a growth of 13 new licenses issued, while third-party reinsurers licensed as B(iii) experienced significant expansion, with 24 new licenses.
This momentum is expected to carry into 2025 and will be highlighted at the CIRCA ReConnect conference at The Ritz-Carlton, Grand Cayman, from April 10-11, 2025.
IMAC invites those interested in learning more about Cayman’s insurance industry to visit the Cayman Finance booth (#210) at the World Captive Forum in Orlando from February 5-7, 2025.
