Cayman Islands captive count rises
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The Cayman Islands issued 33 new captive licenses in 2018, bringing its total to 830 captives.
Of these, 101 and 729 relate to domestic and international insurance markets, respectively, the Cayman Islands Monetary Authority said in a statement Sunday.
Captive premiums were valued at $15.4 billion at the end of 2018, with total assets of about $68.7 billion — up from $12.4 billion and $61 billion, respectively, at the end of 2017.
Class B, C and D licensees totaled 703 — up from 696 in 2017 — with 21% of insurers in these groups were formed as segregated portfolio companies, according to the statement.
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Captive insurers set up units in Cayman Islands
The Insurance Managers Association of Cayman Islands said that 12 new insurance licenses were issued in the second quarter driven by new legislation that allows captive insurers to incorporate subsidiaries, Cayman Compass reported. The subsidiaries are referred to as "portfolio insurance companies." The number of international insurers registered in the Cayman Islands total 698, the association added.
