From Business Insurance

The Cayman Islands saw significant growth in the number of captive insurance companies in 2012, issuing 52 new captive licenses during the year, according to a statement from the Insurance Managers Association of Cayman.

IMAC said the Cayman Islands Monetary Authority reported receiving 67 applications for new licenses in 2012, with the remainder scheduled for approval this year. One captive has been licensed so far in 2013.

The captive managers association said the number of new licenses in 2012 was a 58% increase from 2011’s level, and that the domicile enjoyed its greatest number of formations since 2004.

Cayman captive assets also grew dramatically in 2012, with total premiums written by Cayman captives increasing 24% from their 2011 level to $11.8 billion, and total captive assets under management increasing 51% from the year prior to $88.1 billion.

IMAC said last year’s 52 new captives came from various sectors including health care, life reinsurance, property/casualty reinsurance, manufacturing and technology.

Last year’s formations also included a number of group captives formed as segregated portfolio companies, IMAC said.

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