Cayman added 39 new captives in 2013, bringing the total number of captives on the Island to 761.
Three percent growth was achieved during the year, with the captive sector earning $12.6 billion in premiums and has $69.2 billion in total assets as of 31 December 2013.
The Cayman Islands Monetary Authority reports that the regulator oversees 761 class B, C and D companies; 406 pure captives and 148 segregated portfolio companies.
According to figures from AM Best, there are currently over 5,700 captives globally compared to an estimated 1,000 in 1980, placing Cayman at the forefront of global domiciles.
Commenting on the recent statistics, Rob Leadbetter, chairman of the Insurance Managers Association of Cayman said: “We view the continued growth as a result of a collection of factors: the increased awareness of the benefits a captive can offer to companies looking to more efficiently manage their own risk; Cayman’s longstanding history in establishing and managing captives; and the steps IMAC has taken over the past year to better communicate with our stakeholders through a new brand, new website, improved social media strategies and an all-time record of 1400 in attendance to our annual Cayman Captive Forum.”
Cayman, captive insurance, IMAC