The Cayman Islands Monetary Authority (CIMA) issued 41 new international insurance licenses in 2023 – 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, chair of the Insurance Managers Association of Cayman (IMAC), in a press release.
CIMA licensing statistics for 4Q 2023 which show that between October and December 2023 alone CIMA issued fifteen new international insurer licenses. They included 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 41 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 highest total since 2018.
The amount of premiums written and total assets managed by insurance companies licensed in Cayman doubled in the fourth quarter and now stand at $58 billion and $139 billion respectively.
Kieran Mehigan, chair, IMAC
"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 said. "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 has 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 18-19 April 2024.
IMAC encouraged 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.
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