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Captive Insurance Licensees Number in Cayman Islands Declines in 2015

Downward Trend
January 21, 2016

Unlike US domiciles that have reported growth in the number of captive insurers licensed last year, the 2015 year-end statistics reported by the Cayman Islands Monetary Authority (CIMA) show a 7 percent decrease in the number of captive licenses.

The table below, which uses data found on the CIMA website, details the number of Class "B," "C," and "D" licensees by year.

Cayman Islands Total Number of Class "B," "C," and "D" Licensees*

Classes B, C, D Licenses
2005 733
2006 740
2007 765
2008 777
2009 780
2010 738
2011 739
2012 741
2013 761
2014 760
2015 708

*Source: Cayman Islands Monetary Authority, "Insurance Statistics and Regulated Entities," as of January 21, 2016.

There were a total of 708 Class "B," "C," and "D" captive insurance companies and 32 insurance managers under the supervision of the CIMA Insurance Supervision Division as of December 31, 2015, the CIMA website states.

The Insurance Managers Association of Cayman (IMAC) reported that pure captives represent 369 of the 708 Class "B," "C," and "D" licensees, and 140 are segregated portfolio companies with 124 being group captives. Combined, these licensees wrote premiums of $12.7 billion ($12.0 billion in 2014) and held total assets of $58 billion ($51.5 billion, 2014).

There were 22 new captive licenses issued and 74 captive licenses canceled in 2015, according to the CIMA website. Overall this represents a reduction of 52 captives.

Healthcare captives represent about half of all captives licensed in Cayman. The CIMA website reports that, as of December 31, 2015, medical malpractice liability continues to be the largest primary line of business with 239 (34 percent) of companies, and workers compensation is the second largest with 149 (21 percent) of companies. Cayman Islands captives are increasingly being put to use for innovative lines of business and risk, such as insuring employee medical stop loss, medical groups, cyber/privacy breach, and equipment maintenance, IMAC reported.

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