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
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For further information on the above please contact Miranda Pugh at Cayman Islands Government Press Office
