A total of 16 new international insurance licences were granted in the second quarter of 2025, which could help lead to a record-breaking year, the Cayman Islands Monetary Authority said on Tuesday.
CIMA said that overall, 21 new licences had been issued in the first six months of the year, which underlined the continued strength of the sector.
The authority added another nine applications had agreement in principle and 14 more were under review, which would mean 44 new licences so far this year.
Last year’s 42 licences was a 10-year record, so Cayman is on track to comfortably beat that if all the applications to date get approval.
Kieran Mehigan, chair of the Insurance Managers Association of Cayman, said in a press release, “The international commercial insurance, reinsurance, and captive sectors in Cayman continue to show strong and sustainable growth.
“We are particularly encouraged by the continued expansion of both single-parent and group captives, as well as the increasing number of new commercial reinsurers contributing to the jurisdiction’s momentum.”
Mehigan added, “The international commercial insurance, reinsurance, and captive sectors in Cayman continue to show strong and sustainable growth.
“We are particularly encouraged by the continued expansion of both single-parent and group captives, as well as the increasing number of new commercial reinsurers contributing to the jurisdiction’s momentum.”
CIMA said nine captive insurers had formed, alongside six reinsurers and one insurance company.
The latest addition means more than 700 insurers, who write about $41 billion in premiums and manage $152 billion in total assets, call Cayman home.
The figures do not include individual segregated portfolios, highlighting the breadth of activity in the country.
The Insurance Managers Association said people who wanted to know about the industry should visit the Cayman Islands Captive Forum, to be held at The Ritz-Carlton, Grand Cayman from 2-4 Dec.
For more details and to register, visit imac.ky.
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