Licensing figures released by the Cayman Islands Monetary Authority (CIMA) for the second quarter of 2024 show that between April and June, the regulator issued 10 captive licences, including three B(i)s, one B(ii), six B(iii)s.
CIMA also licensed a class D insurer and a class C reinsurer.
A total of 24 new international insurance licences have now been issued in 2024 which represents a 50% increase compared to the same period in 2023.
CIMA said while the jurisdiction anticipated increased licensing activity in 2024, the number of new licences in the first half of 2024 was encouraging and represents a significant increase in comparison to 2023, which is a positive indicator for the rest of the year.
“The international commercial insurance, reinsurance and captive industry in Cayman continues to thrive,” said Kieran Mehigan, chair of the Insurance Managers Association of Cayman (IMAC).
“We are seeing growth across all types of captives as insureds face a hard market for certain lines of coverage, encounter capacity shortages, and deal with coverage restrictions.”
Mehigan said it is encouraging to see single parent and group captives thriving alongside new commercial reinsurers.
“These developments are contributing to the continued growth of Cayman as a prime jurisdiction for the international insurance industry, underscoring that Cayman remains an increasingly attractive place to do business,” he added.