Cayman Adds 21 New Insurance Licenses in First Half of 2025

The Cayman Islands Monetary Authority (CIMA) issued 16 new international insurance licenses in the second quarter of 2025, according to newly released statistics. The licenses include nine Class B(i) captives, six Class B(iii) reinsurers, and one Class C insurer. Combined with 5 licenses granted in the first quarter, Cayman has issued 21 new licenses in the first half of the year.

CIMA reported that 9 additional applications have been approved in principle, with 14 more under review. If finalized, the total would rise to 44 new licenses in 2025—exceeding the 42 issued in 2024 and putting the jurisdiction on pace for a potentially record-setting year.

The total number of Class B, C, and D insurers domiciled in the Cayman Islands now stands at 712. These companies collectively write approximately $41 billion in premiums and manage $152 billion in assets. These figures do not include segregated portfolios.

Cayman Insurance License Categories

Cayman's insurance regulatory framework segments international insurers by business type and level of related-party activity. The Class B category includes most captive insurance structures and is further divided into three subclasses.

• Class B(i): Captives writing 95 percent or more related business (from members or affiliated entities); minimum capital requirement: $100,000. Most single-parent captives fall in this class.
• Class B(ii): Captives writing more than 50 percent related business; minimum capital requirement: $150,000.
• Class B(iii): Captives writing 50 percent or less related business; minimum capital requirement: $200,000.

This subclass structure enables CIMA to tailor oversight and capital requirements based on the level of third-party risk exposure.

Other license categories include the following.

• Class C: Entities engaged in reinsurance through insurance-linked securities, including catastrophe bonds, sidecars, and collateralized reinsurance.
• Class D: Commercial reinsurers conducting reinsurance business and other approved activities.

Kieran Mehigan, chair of the Insurance Managers Association of Cayman, said, "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."