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GRAND CAYMAN, Cayman Islands—The Cayman Islands licensed 38 new captive insurance companies in 2011, bringing the total number of Cayman captives to 739 at the end of the year.
During 2011, 37 captives shut down, resulting in a net gain of one from the 738 captives operating in the Cayman Islands at the end of 2010. The Cayman Islands licensed 25 captives in 2010.
Cayman captives wrote a record level of premiums in 2011, which totaled nearly $11.8 billion, up from $8.6 billion in 2010.Total assets also increased in 2011, rising to $68.5 billion at the end of the year from $57.9 billion at the end of 2010.
Health care captives remain a major source of Cayman Islands captive business, with 256 captives writing medical malpractice liability as their primary line of business. Workers compensation is the next-most common line of business for Cayman captives, with 161 captives primarily writing workers comp, followed by property as the primary line in 91 captives, general liability as the primary line in 71 and professional liability as the primary line in 68 captives.