Cayman Islands' 8 Third-Quarter Captive Licenses Match Second Quarter

The Cayman Islands licensed eight new captive insurance companies during this year's third quarter, according to statistics from the Cayman Islands Monetary Authority (CIMA).

The new captives included the issuance of five Class B(i) licenses and three Class b(iii) licenses. The number of new captive licenses issued during the third quarter matched the eight new licenses CIMA issued during the second quarter of this year.

CIMA also licensed one new portfolio insurance company during the third quarter.

The new third-quarter licenses brought the total of Class B, C, and D international insurance company licenses in the Cayman Islands to 679 as the quarter ended. Those insurers reported nearly $57.5 billion in total premium written and $137.1 billion in total assets.

Among Cayman Island captive insurance companies through the third quarter were 284 pure captives writing $5.3 billion in total premium and 127 group captives with $4.3 billion in premium.

Workers compensation was the most common primary line of business written in Cayman international insurance companies at 22 percent, followed by medical malpractice liability at 21 percent, general liability at 15 percent, and property at 11 percent.