The Cayman Islands Monetary Authority (CIMA) issued five new international insurer licences in the third quarter of 2024, taking its total of new licences for the year to 29.
There were three Class B(i) and two Class B(iii) licences issued during the third quarter this year.
In CIMA’s regulatory framework, captive business usually falls into into the Class B licences.
For Class B(i) captives, at least 95% of net written premiums will originate from the insurer’s related business, while for Class B(iii)s 50% or less of the net written premiums will originate from related business.
“The international commercial insurance, reinsurance, and captive industry in Cayman is thriving,” said Kieran Mehigan, chair of the Insurance Managers Association of Cayman (IMAC).
“Our jurisdiction’s success is largely due to the Cayman Islands’ favourable regulatory environment, robust legal framework, and tax-neutral status, which continue to attract global firms seeking cost-effective and efficient structures.
“We’re witnessing growth across all captive types, especially in Q2, with a diverse range of new licensees and classes. It’s encouraging to see single-parent and group captives continuing to expand, alongside new commercial reinsurers, all contributing to the growing prominence of the Cayman Islands as a leading jurisdiction.”
There are 696 active international insurers in Cayman at September 2024, with 670 of those being Class B insurers.
As well as the 29 new licences issued during 2024, there have been 16 licences cancelled in the first nine months of the year.