(CMR) According to new statistics, the Cayman Islands Monetary Authority licensed 41 new re/insurance companies in 2023, the highest since 2012.
In 2023, 28 licenses were canceled, while 683 licenses were issued, which is the highest number since 2018, when 703 licenses were issued. In total, there were 709 insurance companies registered in Cayman, out of which 659 were Class B captives, which is the highest number since 2018.
According to Captive International, of the 659 Class B captives, 127 were group captives, and 285 were pure captives. Class B(i) captives, which write 95% of their business from their parent, made up 460 of the companies, B(ii) companies, which write more than 50% of their business from related entities, made up 13 and B(iii) companies, which writes less than 50% of their business from related entities made up 186.
Between 2022 and 2023, the number of Class C insurers authorized to issue catastrophe bonds decreased from 21 to 17, while the number of Class D insurers, which are pure international reinsurers, increased from seven to eight.
Between October and December 2023, CIMA issued fifteen new international insurer licenses, eight B(i)s, six B(iii)s , one Class C, and two new portfolio insurance companies. Licenses were also issued to eight portfolio insurers and one class D open market reinsurer. Traditional single-parent captives licensed as B(i) licensees from various industries increased in 2023.
The B(iii) license class, which is mostly third-party business, has seen a significant increase in numbers as the jurisdiction attracts new reinsurers, particularly life reinsurance companies.
Life re/insurance is the largest segment of the re/insurance market in the Cayman Islands in terms of business written. In the fourth quarter of 2023, out of a total of $57.6 billion gross premiums written, $33 billion came from life re/insurance. The total assets of the sector amounted to $65.5 billion out of a total of $138.6 billion.
The workers' compensation sector had $6.2 billion in GPW and $18.8 billion in assets, making it the second largest sector. Property was third, with $5 billion in premiums and $12 billion in assets.
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