Cayman Islands Licensed 8 New Captives during the Second Quarter
August 31, 2023
The Cayman Islands licensed eight new captive insurance companies during the second quarter of this year, according to statistics released by the Cayman Islands Monetary Authority (CIMA).
The new Cayman captives included four Class B(i) companies and four Class B(iii) companies. CIMA also licensed three new portfolio insurance companies and one Class D commercial reinsurer during the period.
With the newly licensed companies, there are now 675 Class B, C, and D insurance companies licensed in the Cayman Islands, with approximately $22 billion in premium written and $71 billion in total assets.
In a statement, Howard Byrne, managing director of Aon Cayman, said, "Interest in Cayman captives—direct and reinsurance—remains very strong. Aon has already established direct healthcare and affiliated non-life reinsurance licensees in 2023 and has a number of additional applications either with CIMA under review or pending submission."
"The industry appreciates CIMA's continued support, responsiveness, and engagement, especially considering the large number of applications and diverse structure and client types involved," Mr. Byrne said.
Ian Bridges, senior vice president at Global Captive Management (GCM), also said he expects to see continued captive growth in the Cayman Islands. GCM "continues to see interest in medium size single parent captives plus a continued growth in new group captive formations and a growth in existing group captives," Mr. Bridges said in the statement.
August 31, 2023