June 14, 2021

Cayman Islands see steady captive insurance growth in 2018

Pin It

By Matt Sheehan From Reinsurance News

The Cayman Islands have experienced continued steady growth in their captive insurance industry, with 17 new insurance licensees recorded over the first half of 2018.

The Insurance Managers Association of Cayman (IMAC) reported 5 new insurance licensees in Q1 and 12 in Q2, bringing the total number of class B, C and D insurance companies to 698.

Additionally, IMAC found that 21% of these companies were formed as segregated portfolio companies representing 600 segregated portfolios.

The Association attributed the industry’s surge of activity to Cayman’s strong legislative framework and positive long-term credit outlook, which recently attracted a new D licensee redomiciled from Panama.

“It has definitely been a whirlwind for us, with steady growth in our class Bs, Cs and Ds,” said IMAC Chair Erin Brosnihan. “We’re proud of our portfolio insurance companies, which have formed a consistently growing portion of the market – despite being relatively new to Cayman’s international insurance mix. There are 13 total PICS to date.”

The Cayman Islands also continues to be the leading jurisdiction for healthcare captives, which represent around one-third of total captive in the region.

“Medical Malpractice Liability is once again our largest primary line of business, with approximately 32% of companies reinsuring MedMal,” continued Brosnihan. “Worker’s Compensation is the second largest, with 22% of companies assuming this risk.”

Over 2016, captive insurer registrations in the Cayman Islands almost doubled from 22 to 39, with the captive insurance industry generating around $100 million for the island’s economy over the same year.

For more on this story go to: https://www.reinsurancene.ws/cayman-islands-see-steady-captive-insurance-growth-in-2018/

Print Friendly, PDF & Email
About ieyenews

Speak Your Mind

*