The
The new third-quarter licenses included five class B(i) licenses, three class B(iii) and one new portfolio insurance company.
At the end of the quarter there were 679 class B, C and D insurance companies licenced in the
The numbers were consistent with Cayman's position as the second largest captive insurance domicile globally and have increased in the past two years, notably with premiums up from
CIMA issued a total of 24 international insurance licenses during the first nine months.
In each of the last seven years, Cayman added more than 30 new international insurance licenses.
"These healthy third quarter statistics signal the likelihood of a strong finish to the year and we expect to see increases in license applications and double-digit license issuances in Q4."
Licensing activity in 2023 included five new portfolio insurers and one class D open market reinsurer.
Cayman's portfolio insurance company legislation allows insurance companies established as segregated portfolio companies to incorporate cells as portfolio insurance companies,
The reinsurance sector has also developed into part of Cayman's international insurance business in recent years. There are currently eight class D licensed reinsurance companies, compared to three in 2017.
Medical malpractice liability, workers compensation, general liability and property remain the most significant lines of business, together making up almost 70% of licensees.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Cayman Finance
Cayman Finance
PO Box 11048
2nd floor,
1 Gecko Link,
KY1 1007
Tel: 7696200
Fax: 6236700
E-mail: travis.webster@caymanfinance.ky
URL: www.caymanfinance.ky
© Mondaq Ltd, 2023 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source