CIMA revokes Progressive Grocers Insurance SPC licence

The Cayman Islands Monetary Authority (CIMA) has revoked the Class B(ii) insurance licence of Progressive Grocers Insurance SPC.

The decision took effect on 1 September 2026 and follows a warning notice issued to the captive’s directors on 4 June.

According to an extract of the decision notice published by CIMA, Progressive Grocers had failed to pay its annual licence fees and accrued penalties for 2025 and 2026, and had failed to maintain the required margin of solvency.

It had also failed to maintain capital in accordance with prescribed requirements and to maintain the required margin of solvency within each of its segregated portfolios.

Progressive Grocers had also failed to file audited financial statements for the year ended 31 December 2024.

CIMA subsequently revoked the company’s Class B(ii) insurer’s licence pursuant to section 24(2)(c) of the Insurance Act.

In explaining the decision, the regulator said it was of the opinion that Progressive Grocers “is or appears likely to become unable to meet its obligations as they fall due”.

CIMA also confirmed the company had contravened provisions of the Insurance Act and failed to comply with a condition of its licence or with section 8(2) of the Act.

Progressive Grocers has the right to appeal CIMA’s decision to the Grand Court under section 34 of the Insurance Act.

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