Kieran Mehigan

George Town, Grand Cayman, January 16, 2025 –  George Town, Grand Cayman, January 16, 2025 – The Cayman Islands Monetary Authority (CIMA) has released its licensing statistics for Q4 2024, resulting in a strong overall performance in the captive insurance industry for the year 2024. The total number of new international insurers licenses for 2024, which includes one Class D open market reinsurer, stands at 40 – a continued record of the largest number of licenses issued in a single year in more than a decade. Between October and December, CIMA issued 12 new international insurer licenses—three B(i)s, eight B(iii)s, and one Class C. Additionally, 3 new insurance managers were licensed during 2024.

As of year-end 2024, Cayman is home to 697 Class B, C, and D insurance companies, writing $41 billion in premiums and holding $153 billion in total assets. As expected, the growth in new licenses throughout 2024 has been highly encouraging, with strong activity anticipated to continue well into 2025.

IMAC Chair Kieran Mehigan commented, “Cayman continues to attract new licensees due to the strong and effective legislation and professional infrastructure. Thank you to the Cayman Islands Monetary Authority (CIMA) who has played a key role in this recent growth, through their positive engagement and responsiveness. It is also encouraging to note the licensing of new insurance managers, who will undoubtedly help to attract additional licensees to the jurisdiction.”  

Other 2024 statistics show that traditional single-parent captives licensed as B(i) from a variety of industries, also saw a growth of 13 new licenses issued, while third-party reinsurers licensed as B(iii) experienced significant expansion, with 24 new licenses. This momentum is expected to carry into 2025 and will be highlighted at the CIRCA ReConnect conference at The Ritz-Carlton, Grand Cayman, from April 10-11, 2025.

IMAC invites those interested in learning more about Cayman’s insurance industry to visit the Cayman Finance booth (#210) at the World Captive Forum in Orlando from February 5-7, 2025.

The Insurance Managers Association of Cayman (IMAC) represents the international insurance industry in the Cayman Islands. IMAC liaises with government and the regulator on the industry’s behalf and promotes innovation and international competitiveness to maintain Cayman’s advantageous market position. The Cayman Islands is the second largest domicile in the world for captives and a dominant jurisdiction for healthcare captives, group captives, catastrophe bonds and international reinsurance.