Cayman Adds 32 New Insurer Licenses in 2025 Through Third Quarter

The Cayman Islands' international insurance sector continued to expand through the third quarter of 2025, with the Cayman Islands Monetary Authority (CIMA) issuing 11 new international insurer licenses between July and September. These included five Class B(i) licenses and six Class B(iii) licenses.

Combined with the 21 licenses granted in the first half of the year, Cayman has added 32 new international insurance licensees in 2025 to date. According to CIMA, 19 more applications are currently under review, with an additional 5 approved in principle.

At the close of 2024, the jurisdiction had issued 42 new licenses. The current figures suggest that Cayman is on pace for another year of solid growth in its international insurance market.

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.

With the latest additions, there are now 719 licensed Class B, C, and D insurance companies operating in the Cayman Islands. These entities represent approximately $51 billion in written premiums and hold total assets of $173 billion. These totals exclude segregated portfolios, which are not counted as separate licenses but contribute significantly to the market's scale.

"Cayman's international insurance industry continues to show remarkable stability and growth," said Kieran Mehigan, chair of the Insurance Managers Association of Cayman. "The consistent increase in new licensees reflects continued confidence in the jurisdiction's regulatory framework, service excellence, and the stability that Cayman offers as a leading global insurance domicile. We remain optimistic that this momentum will continue through the remainder of the year."

The Insurance Managers Association of Cayman is promoting its annual Cayman Captive Forum, which will take place at the Ritz-Carlton, Grand Cayman, from December 2–4, 2025. Details are available at www.imac.ky/captive-forum.