Cayman Captives total premiums up 52 percent
The Cayman Islands captive insurance industry has reached an all-time high of $13.5 billion in total premiums and $82.8 billion in total assets as of 30 June, 2013. These figures are an increase of 52 percent and 5 percent, respectively.
Cayman oversees 750 captive companies, the majority of which are pure captives. According to the Insurance Managers Association of Cayman (IMAC) most captives are from North-American based companies, with 34 percent of them relating to medical malpractice.
Rob Leadbetter, chairman of the IMAC, said: “2012 was considered a year of phenomenal growth for Cayman captives with 20 new licenses granted in the first two quarters, and over the same period this year, we have attracted 24 new captives. This is very encouraging and demonstrate the fact that Cayman continues to attract solid business because of its high level of transparency and regard for international regulatory initiatives and its history of integrity.”