Steady captive growth on the Cayman Islands

The Cayman Islands captive insurance industry has enjoyed steady growth in 2014, with 22 new captives formed.

This brings the total number of captives domiciled in Cayman to 759. Pure captives represent 415 of these with a further 139 being segregated portfolio companies, writing total premiums of $12 billion and holding total assets of $51.5 billion.

Kieran O’Mahony, the chairperson of the Insurance Managers Association Cayman (IMAC), is confident about Cayman’s continued leading position in the captive market.

“The increase in the number of captives last year is evidence of the continued strength of our industry and the domicile. The enactment of the Portfolio Insurance Company regulations earlier this year also sets the stage for continued growth and innovation in 2015”, he said.

IMAC said that Cayman remains the leading jurisdiction for healthcare captives, with 34 percent of the captives in this classification, however, Cayman captives are increasingly being used for more innovative uses, such as insuring against cyber risk, terrorism threats and environmental pollution.