The Cayman Islands Monetary Authority issued 12 new licences to captive insurance and reinsurance companies in the second quarter of 2023, marking continuing growth in the sector.
Between April and June 2023, CIMA issued licences 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 licence for a Class D commercial reinsurer.
With the addition of these new licencees, there are now 675 Class B, C and D insurance companies licensed in Cayman, with approximately US$22.5 billion in premiums written and US$71 billion in total assets, a press release from the Insurance Managers Association of Cayman (IMAC) noted.
Last year, 33 new licences were issued and 24 were cancelled. By the end of 2022, there were 670 Class B, C and D insurance companies licensed here.
Howard Byrne of Aon Cayman said in the statement, “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.”
He added, “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 a number of its member insurance managers, IMAC said it considers the business development pipelines for the industry to be “very healthy”, with a number of Class D open market reinsurers expected to launch before the end of this year, the statement noted.
Ian Bridges from Global Captive Management confirmed the expectation of additional growth, commenting that the company “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 is inviting anyone who would like to learn more about Cayman Islands captives to register for this year’s Cayman Captive Forum being held at The Ritz-Carlton on 28-30 Nov. Early bird registration remains open until 1 Sept.
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