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Cayman Islands licensed 24 new captives in first half

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The Cayman Islands licensed 24 new captives in the first half of 2013, up from 20 licensed during the same period last year.

The domicile ultimately licensed 53 captives in 2012.

A statement from the Insurance Managers Association of Cayman said that most of the newly licensed captives were formed by North American companies, with 31% of them providing medical malpractice coverage and 21% covering workers compensation.

According to IMAC, the Cayman Islands had 412 pure captives and 134 segregated portfolio companies as of June 30, with Cayman captives writing $13.5 billion in total premiums, a 52% increase from a year earlier.