The Cayman Islands Monetary Authority (CIMA) issued 33 captive insurance licenses in 2018, and surrendered 26, bringing the total to 703.
Randall & Quilter has started 2019 by completing two new transactions relating to exit solutions in the self-insurance and captive markets.
The group captive sector in the Cayman Islands is growing, as more middle market companies leave the traditional insurance market in favour of these structures, as highlighted by Erin Brosnihan, chair of the Insurance Managers Association of Cayman (IMAC), speaking at the Cayman Captive Forum 2018.
Specialty and commercial insurer Crum & Forster has set up a captive facility in the Cayman Islands through its health division.
Captive insurers in Bermuda, the Cayman Islands and Barbados (BCIB) have persistently strong operating results that continued to outperform the US commercial market sector, according to AM Best.
The Cayman Islands Monetary Authority (CIMA) has issued licenses for four new captive insurance companies and one portfolio insurance company in the third quarter of 2018.
Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) of Vermont-based Spirit Insurance Company and Cayman-based Radius Insurance Company, the captive insurers of energy company Phillips 66.
Greenlight Re Innovations, part of Cayman Islands-based specialist P&C reinsurer Greenlight Re, has invested in Sana Benefits an Austin-based third party administrator with a focus on the self-insured US health market.
Crowe Horwath has appointed Lawrence Kemp as audit assistant manager for its Cayman practice, with a focus on auditing captive insurance companies.
Ratings agency AM Best has upgrades the financial strength rating to A (Excellent) from A- of Raffles Insurance, a group captive based in the Cayman Islands.