The strong growth in the number of new licences the Cayman Islands Monetary Authority (CIMA) has issued in the first quarter of 2024 is encouraging, as it demonstrates the region continues to attract new reinsurers, recent statistics have revealed.
Between January and March 2024, CIMA issued eleven new international insurer licences – four B(i)s and seven B(iii)s, according to its quarterly insurance sector licensing statistics.
The number of new licences in Q1, the Authority noted, has been encouraging and represents an increase in comparison to 2023 which is a good sign so early in the year.
With the latest addition there are now 691 Class B, C and D insurance companies licensed in Cayman, with approximately $58bn in premiums written and $139bn in total assets.
“The B(iii) licence class growth is notable as Cayman continues to attract new reinsurers. The growth in reinsurance activity is expected to continue into for the remainder of 2024,” the CIMA stated.
Earlier in the year, the CIMA confirmed that in 2023 40 new international insurance licences had been issued in 2023, the largest number of licences issued in a single year in more than a decade.
In addition to the decade-high figure of new international insurers, CIMA issued licences to eight portfolio insurers and one class D open market reinsurer.
Mehigan commented: “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.”
