The number of captive insurance companies registered in the Cayman Islands rose by 8% to 485, at the end of December 1998. The figures, released by the Cayman Islands Monetary Authority, shows a total of fifty-two new licences being issued with only sixteen cancelled, comparing to nineteen cancelled in 1997. In addition, ten licences have been approved in principle, with two under review.
The companies registered have total assets of $11 billion, with written premiums of $2.3 billion. Of the 485 licences, 84% were in the unrestricted category, with 16% being registered.
North America accounted for 82% of the companies by risk location, with Caribbean and Latin American companies representing 10% and Europe registering 6%. Healthcare still remains the largest business class for companies, accounting for 34% of activity. Workers' compensation was the next largest category at 20% with property insurance making up 14% of business.
William McCullough, Head of Insurance Supervision, said;
"1998 has proved yet another successful for captive insurance in the Cayman Islands. This growth not only ensures that Cayman Islands remain the second largest offshore insurance centre in the world but also means we are now recording the largest annual growth of new captives of any jurisdiction. We are confident of maintaining and building on this growth, ensuring the Cayman Islands as a premier choice in captive insurance."
NOTES TO EDITORS
The main management companies for captive insurers in the Cayman Islands are:
J & H Marsh & McLennan Management 142
Midland Bank Trust Corporation 88
Mutual Risk Management 46
Willis Corroon 33
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information on the above please contact Miranda Pugh at Cayman Islands Government Press Office
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