News
Cayman Islands sets 10-year record for most new international insurance licenses in a single year
The final 2024 quarterly insurance sector licensing statistics released by the Cayman Islands Monetary Authority (CIMA) show that last year the jurisdiction issued 40 new international insurance licenses – the largest number of licenses issued in a single year in more than a decade.
“Despite a very competitive international market, the Cayman Islands is increasingly the jurisdiction of choice for insurance companies thanks to our highly developed captive industry, transparency, integrity, professional yet flexible risk-based regulation, and accessible business-focused regulators,” said Kieran Mehigan, chairperson of IMAC.
The Cayman Islands Monetary Authority (CIMA) recently released licensing statistics for 4Q 2023 which showed that between October and December 2023, CIMA issued fifteen new international insurer licenses -- eight B(i)s, six B(iii)s and one Class C, as well as two new portfolio insurance companies. In addition to the decade-high of 40 new international insurers, CIMA issued licenses to eight portfolio insurers and one class D open market reinsurer.
Traditional single parent captive licensed as B(i) licensees from a variety of industries have seen an increase in 2023. The B(iii) license class, majority third-party business, has seen a greater increase in numbers as Cayman attracts new reinsurers, particularly life reinsurance companies.
With the addition of new licensees in 4Q, there are now 683 Class B, C and D insurance companies licensed in Cayman – the second highest number of such companies in Cayman since 2017.
The amount of premiums written and total assets managed by insurance companies licensed in Cayman doubled in 4Q and now stand at $58 billion and $139 billion respectively.
“The industry acknowledges that CIMA have been key in supporting this solid growth through their positive engagement, responsiveness, and clarity throughout the licensing process,” Mehigan continued. “The conditions that enabled record-setting new business in 2024 have laid the foundation for a truly exceptional year for the industry in 2025.”
CIMA have advised that an additional twelve license applications remain under review.
This growth in reinsurance activity is expected to continue into 2024 and will be showcased at the CIRCA ReConnect conference being held at the Ritz-Carlton on the 18th - 19th April 2024.
IMAC encourages anyone who would like to learn more about Cayman Islands insurance industry to visit the Cayman Finance booth #210 at the upcoming World Captive Forum in Orlando from 23rd - 26th January.
The Insurance Managers Association of Cayman (IMAC) represents the international insurance industry in the Cayman Islands. IMAC liaises with government and the regulator on the industry’s behalf and promotes innovation and international competitiveness to maintain Cayman’s advantageous market position. The Cayman Islands is the second largest domicile in the world for captives and a dominant jurisdiction for healthcare captives, group captives, catastrophe bonds and international reinsurance.
