CIMA: Cayman insurance industry strengthening
The Cayman Islands Monetary Authority (CIMA) has released licensing statistics for 2Q 2023 which it says demonstrates the continued strength of the jurisdiction’s insurance industry.
Between April and June 2023, CIMA issued licenses to eight new captive insurance companies -- four B(i)s and four B(iii)s -- and three new portfolio insurance companies. In addition, CIMA issued one license for a Class D commercial reinsurer.
The new additions means that there are now 675 Class B, C and D insurance companies licensed in Cayman, with approximately $22 billion in premiums written and $71 billion in total assets.
Howard Byrne of Aon Cayman said: “Interest in Cayman captives -- direct and reinsurance -- remains very strong. Aon has already established direct healthcare and affiliated non-life reinsurance licensees in 2023, and has a number of additional applications either with CIMA under review or pending submission.
“The industry appreciates CIMA’s continued support, responsiveness and engagement, especially considering the large number of applications and diverse structure and client types involved.”
Based on discussions with a number of its member insurance managers, the Insurance Managers Association of Cayman (IMAC) considers the business development pipelines for the industry to be very healthy. A number of Class D, open market reinsurers are expected to launch before the end of 2023.
Ian Bridges from Global Captive Management (GCM) said that he could confirm the expectation of additional growth, saying that GCM: “Continues to see interest in medium size single parent captives plus a continued growth in new group captive formations and a growth in existing group captives.”
IMAC added that it is encouraging anyone who would like to learn more about Cayman Islands captives to register for this year’s Cayman Captive Forum being held at the Ritz Carlton from the 28th to 30th November. Early bird registration remains open until 1st September.