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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Cayman Islands Reports 33 Captive Formations

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February 07, 2018

The results for the final quarter of 2017 have been announced by the Cayman Islands Monetary Authority. The Insurance Managers Association of Cayman (IMAC) reports that Cayman is once again a leading domicile for international insurance.

Cayman is the world's second-largest domicile, with 696 captive insurers at year-end 2017. Last year, 33 captives were licensed, compared to 48 that turned in their licenses. Premiums were reported at $12.4 billion and total assets at $61 billion.

Cayman leads in healthcare captive insurance, with almost half of its captives represented by this sector. Medical malpractice (med-mal) liability continues to be the largest primary line of business with approximately 32 percent of companies reinsuring med-mal. Workers compensation is the second largest, with 21 percent of companies assuming this risk.

IMAC chair Erin Brosnihan said, "The fact that we have attracted 33 quality formations this year—during what was a relatively soft market—is testament to the continued attractiveness of the domicile. Cayman is more than well-positioned to facilitate global business for insurance."

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