CIMA licensed nine captives in Q3

The Cayman Islands Monetary Authority has licensed nine new captive insurance companies in the third quarter of 2020. In 2019, the financial regulator registered 33 new captive insurers – the same number as in 2018.

There were a total of 652 Class B, C and D insurance companies registered with CIMA at the end of September. This figure is up slightly from 646 at the end of 2019 but down from 703 non-retail insurance companies in 2018.

Pure captives and group captives are the main categories, with 282 and 124 companies, respectively. In addition, 21% are segregated portfolio companies with more than 600 segregated portfolios, CIMA statistics show.

Cayman remains the leading jurisdiction for healthcare captives, with the category representing close to one-third of all captive insurers.

Medical malpractice liability (MedMal) continues to be the largest primary line of business with approximately 26% companies insuring or reinsuring MedMal, while worker’s compensation the second largest line of business with almost 23% of companies assuming this risk.

Geographically, Cayman’s insurance industry predominantly insures risks related to North America (90%).

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