Cayman continues captive growth
The Cayman Islands Monetary Authority (CIMA) has released licensing statistics for the first quarter of 2024 which showed that between January and March 2024, CIMA issued twelve new international insurer licenses — four B(i)s and eight B(iii)s.
With the addition of these new licensees there are now 691 Class B, C and D insurance companies licensed in Cayman, with around $58 billion in premiums written and $139 billion in total assets.
As anticipated, the number of new licenses in the first quarter has been encouraging and represents an increase in comparison to 2023 which is a good sign so early in the year.
In a statement the Insurance Managers Association of Cayman pointed out that the B(iii) license class growth is notable as Cayman continues to attract new reinsurers, adding that the growth in reinsurance activity is expected to continue into for the remainder of 2024 and was showcased at the inaugural CIRCA conference “ReConnect”, held on Cayman on the 18th to 19th April 2024.
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