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.
Between July 1 to September 30, Cayman welcomed one Class B(i) insurer, LG Indemnity Company, and three Class B(iii) insurers: Evergreen Pacific Reinsurance Company, Knight Insurance Company, and Nassau Re (Cayman Brac). The new PIC is Royal Risk Solutions.
The Class B insurer's licence permits an exempted insurer to carry on insurance business other than domestic business in respect of which - (i) at least ninety-five per cent of the net premiums written will originate from the insurer’s related business; (ii) over fifty per cent of the net premiums written will originate from the insurer’s related business; or (iii) fifty per cent or less of the net premiums written will originate from the insurer’s related business.
The total number of licenses issued for the period is down year-on-year, where there were seven new Class B formations in Q3 2017, including two third-party insurers. Q3 2018 saw three Class B (iii) insurers, being those that write predominantly third-party business.
In the first half of 2018, CIMA issued a total of 17 new licenses, bringing the total to 21. Cayman’s total number of licenses issued by this point in 2017 was 23.
Cayman ended 2017 with 33 new insurance licenses compared with 39 in 2016.
CIMA, Statistics, Captives, PIC, Cayman Islands