The Cayman Islands licensed 52 new captives during 2012, with a further 15 expected to receive approval this year. Formation numbers are a 58 percent improvement on those in 2011 and the pipeline for new formations is healthy for 2013.
2012 was the biggest year for captive formations for Cayman since the hard market of 2004, with total premiums written by the captive sector reaching $11.8 billion and total assets under management hitting $88.1 billion, according to statistics from the Insurance Managers Association of Cayman (IMAC). Captives formed spanned the full gamut of sectors including healthcare, property and casualty, life, manufacturing and technology.
Commenting on the Islands’ ongoing success, Rob Leadbetter, chairman of IMAC said: "Cayman understands the captive insurance business and the role it plays in the risk management space, and when I say Cayman, I mean the industry together with the regulator. These statistics are not surprising to us, because we have been building our core competencies over decades to make Cayman the go to domicile in the insurance industry."