The Cayman Islands Monetary Authority issued more new international insurance licences last year than it had in any other single year in more than a decade.
According to the latest CIMA statistics, Cayman issued 40 such licences in 2023.
“Despite a very competitive international market, the Cayman Islands is increasingly the jurisdiction of choice for insurance companies thanks to our highly developed captive industry, transparency, integrity, professional yet flexible risk-based regulation, and accessible business-focused regulators,” Kieran Mehigan, chair of Insurance Managers Association of Cayman, said in a statement.
The final quarter report from CIMA noted that between October and December 2023, the authority issued 15 new international insurer licenses, including eight B(i)s, six B(iii)s and one Class C, as well as two new portfolio insurance companies.
In addition to the decade-high of 40 new international insurers, CIMA also issued licenses to eight portfolio insurers and one class D open market reinsurer.
Traditional single parent captive licensed as B(i) licensees from a variety of industries have seen an increase in 2023, the authority stated. The B(iii) license class, majority third-party business, has seen a greater increase in numbers as Cayman attracts new reinsurers, particularly life reinsurance companies.
With the addition of new licensees in 4Q, there are now 683 Class B, C and D insurance companies licensed in Cayman – the second highest number of such companies in Cayman since 2017.
The amount of premiums written and total assets managed by insurance companies licensed in Cayman doubled in 4Q and now stand at $58 billion and $139 billion respectively.
“The industry acknowledges that CIMA have been key in supporting this solid growth through their positive engagement, responsiveness, and clarity throughout the licensing process,” Mehigan said. “The conditions that enabled record-setting new business in 2024 have laid the foundation for a truly exceptional year for the industry in 2025.”
CIMA says another 12 license applications remain under review.
It added in the statement that this growth in reinsurance activity is expected to continue into 2024, and will be showcased at the CIRCA ReConnect conference being held at The Ritz-Carlton, Grand Cayman, on 18 and 19 April 2024.
More information about the Cayman Islands insurance industry will also be available at the Cayman Finance booth #210 at the upcoming World Captive Forum in Orlando on 23-26 Jan.
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