The Cayman Islands Monetary Authority (CIMA) has revoked Class B(ii) licence of Progressive Grocers Insurance SPC, Ltd after failing to pay fees, and meet solvency and reporting requirements.
According to Ci DataHub, Progressive Grocers Insurance SPC was licensed in April 2018 and is managed by Lainston International Management, Ltd. It was already in run-off.
The regulator issued a Warning Notice on 4 June, but states the captive remains in breach in five areas:
- failing to pay annual licence fees and accrued penalties for 2025 and 2026
- failing to maintain a margin of solvency in accordance with prescribed solvency requirements
- failing to maintain capital in accordance with prescribed capital requirements
- failing to maintain the prescribed margin of solvency in each segregated portfolio
- failing to file audited financial statements for the year ended 31 December 2024
As a result, CIMA believes the captive will be unable to meet its obligations as they fall due and had contravened provisions Insurance Act, 2010
It has revoked the Class B(ii) insurer licence of Progressive Grocers Insurance SPC, effective 1 September, with the captive having the right to appeal.