The Cayman Islands Monetary Authority licensed 76 new captive insurance companies in 2004 bringing the total number of active captives at year-end to 694, writing about US$6 billion and reporting assets of US$22 billion.
Remarking on the seven per cent net increase of captives as compared to the previous year, Head of Insurance Supervision, Mrs. Mary-Lou Gallegos remarked, ‘It was another fantastic year for the captive market and this growth is a remarkable show of continued confidence in the jurisdiction as a leading domicile for the establishment and management of captives.’
Of the new captives, 40 were healthcare related, the others writing workers compensation, general liability, property, product liability and auto liability. Thirteen were formed as segregated portfolio companies, bringing the total number of such companies to 93 at year-end with 394 segregated portfolios operating within them. Forty-three new portfolios were established in 2004.
The majority of Cayman Islands captives emanate from North America and other sources of business include the Caribbean, the Pacific and Europe.