The number of new international insurer licences issued in Cayman in the first half of 2024 is 50% higher than during the same period last year, the Cayman Islands Monetary Authority has confirmed.
CIMA has released the licensing statistics for the second quarter of 2024, which showed that between April and June, it issued 12 new international insurer licences – three B(i)s, one B(ii), six B(iii)s plus a Class C and a Class D reinsurer. In addition, two new insurance managers were also licensed.
With 12 new licences issued in the first quarter, this brings to 24 the number of new international insurance licences issued in the first six months of 2024, compared to 16 in the same period in 2023.
CIMA noted that, with the addition of these new licensees, there are now 700 Class B, C and D insurance companies licensed in Cayman, with approximately $40 billion in premiums written and $151 billion in total assets. It stated that these figures do not include individual cells.
“While Cayman anticipated increased licensing activity in 2024, the number of new licenses in the first half of 2024 has been very encouraging and represents a significant increase in comparison to 2023. This trend is a positive indicator for the rest of the year,” CIMA said in a press release.
Kieran Mehigan, chair of the Insurance Managers Association of Cayman (IMAC), said in the release, “The International Commercial Insurance/Reinsurance and Captive Industry in Cayman continues to thrive. We are seeing growth across all types of captives as insureds face a hard market for certain lines of coverage, encounter capacity shortages, and deal with coverage restrictions.
“The Life and Annuity reinsurance sector is also growing, driven by annuity providers seeking enhanced capital efficiency. This growth was especially evident in Q2, given the variety of licensees and license classes.”
Mehigan added that it was also encouraging to see single-parent and group captives thriving alongside new commercial reinsurers. “These developments are contributing to the continued growth of Cayman as a prime jurisdiction for the international insurance industry, underscoring that Cayman remains an increasingly attractive place to do business,” he said.
IMAC has announced that it will hold its annual Cayman Captive Forum at The Ritz-Carlton, Grand Cayman from 3-5 Dec. For more information, visit www.imac.ky.
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