12 June 2023Analysis

CIMA releases new Cayman captive figures

The Cayman Islands Monetary Authority (CIMA) has licensed 8 new captive insurance companies and one new portfolio insurance company in the first quarter of 2023.

With the addition of the new licensees there are now 673 Class B, C and D insurance companies licensed in Cayman which is slight increase in numbers from the year-end of 2022. Premiums written stand at $28bn and total assets stand at $87bn. The new licensees include three B(i)’s, three B(iii)’s and two Class C’s along with one new Portfolio Insurance Company (PIC).

Growth is being seen from various industries including transportation, financial (life and annuity) and physician groups. The growth also includes new heterogeneous group captives as some existing captives have spun off members from larger captives. One has taken the opportunity to create a specialty niche construction group which is viewed as higher risk.

According to the Insurance Managers Association of Cayman (IMAC) the Cayman Islands continue to be well placed to attract new captive insurers as Cayman’s insurance manager’s report healthy pipelines. Furthermore, it added that a number of Class D, open market reinsurers, are expected to launch in the coming months.