The Cayman Islands Monetary Authority has reported that recent figures for insurance licences demonstrate the continued strength of the jurisdiction’s insurance industry.

The statement comes after the release of licensing statistics for the second quarter of 2023.

Between April and June, CIMA issued licences to eight new captive insurance companies – four B(i)s and four B(iii)s – and three new portfolio insurance companies.

In addition, CIMA issued one licence for a Class D commercial reinsurer.

With the addition of these new licensees there are now 675 Class B, C and D insurance companies licensed in Cayman, with approximately $22 billion in premiums written and $71 billion in total assets.

Howard Byrne, of Aon Cayman, advised: “Interest in Cayman captives – direct and reinsurance – remains very strong.

“Aon has already established direct healthcare and affiliated non-life reinsurance licensees in 2023, and has a number of additional applications either with CIMA under review or pending submission.”

Mr Byrne added: “The industry appreciates CIMA’s continued support, responsiveness and engagement, especially considering the large number of applications and diverse structure and client types involved.”

CIMA said: “Based on discussions with a number of its member insurance managers, the Insurance Managers Association of Cayman considers the business development pipelines for the industry to be very healthy. A number of Class D, open market reinsurers are expected to launch before the end of 2023.

Ian Bridges, from Global Captive Management, confirmed the expectation of additional growth, commenting that GCM “continues to see interest in medium-size, single-parent captives plus a continued growth in new group-captive formations and a growth in existing group captives”.