Cayman Islands licenses 14 captives in Q2 2018
The Cayman Islands Monetary Authority issued 14 captive insurance licenses during the second quarter of 2018, including two portfolio insurance companies (PICs).
As of June 30, 2018, there were a total of 698 Class B, C and D insurance company and 26 insurance managers under supervision.
There were a total of 821 insurance licensees under supervision, of which 97 and 724 related to domestic and international insurance markets respectively.
The two main categories were pure captive and group captives, with 314 and 120 companies respectively.
21 percent of B, C and D insurers were formed as segregated portfolio companies, with over 600 segregated portfolios.
One third of the Cayman Islands' captives related to healthcare, and medical malpractice liability continues to be the primary line of business with approximately 32 percent companies re/insuring it, and workers compensation the second largest with 22 percent companies assuming this risk.
90 percent of the insurance industry in Cayman is comprised of companies insuring risk in North America.