The Cayman Islands Monetary Authority (CIMA) has confirmed the issuance of 40 new international insurance licenses, the largest number of licenses issued in a single year in more than a decade, according to its quarterly insurance sector licensing statistics.
Kieran Mehigan, Chairperson, The Insurance Managers Association of Cayman (IMAC), commented, “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.”
The CIMA recently released licensing statistics for Q4 2023 which showed that between October and December 2023, CIMA issued 15 new international insurer licenses that consist of 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 40 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 various 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.
Mehigan added, “The industry acknowledges that CIMA have been key in supporting this solid growth through their positive engagement, responsiveness, and clarity throughout the licensing process. The conditions that enabled record-setting new business in 2024 have laid the foundation for a truly exceptional year for the industry in 2025.”
With the addition of new licensees in Q4 2023, there are now 683 Class B, C and D insurance companies licensed in the region. This is the second highest number of such companies in Cayman since 2017.
CIMA has advised that an additional 12 license applications remain under review. This growth in reinsurance activity is expected to continue into 2024. The amount of premiums written and total assets managed by insurance companies licensed in Cayman doubled in Q4 2023 and now stand at $58 billion and $139 billion, respectively.
