The Cayman Islands Monetary Authority (CIMA) has issued 13 new captive re/insurance licenses in the first quarter of 2019, and a further three to-date.
Furthermore, four portfolio insurance companies (PICs) have been registered and five new reinsurer licenses applications have been approved in principle by CIMA so far this year.
$15.4 billion total premiums were recorded for the first quarter, and total assets came in at $68.95 billion, each area showing increases since year-end 2018.
To provide some perspective, CIMA issued 33 captive insurance licenses in 2018, and surrendered 26.
CIMA explained that growth so far in 2019 was particularly prevalent in the area of group captives, digital assets and reinsurance.
With regard to group captives, the Cayman Islands has over 120 vehicles in place totalling $3,013,772,649 in premiums from over 5,000 shareholder-insureds.
“What we are seeing is positive”, said Erin Brosnihan, chairperson of the Insurance managers Association of Cayman. “We are confident of two distinct trends. First, the largest and most complex captives are most definitely Cayman’s area of speciality, and second, we are witnessing an upsurge in new risk areas, showcasing the expertise of our managers, service providers and our regulator.”
CIMA, Group captives, Cayman Islands