Cayman Islands Added 5 New International Insurers in First Quarter

The Cayman Islands Monetary Authority issued 5 new international insurer licenses during the first 3 months of this year.

New licenses issued between January and March included two Class B(i) and three Class B(iii) insurer licenses, with six additional licenses approved in principal and nine additional applications currently under review.

The new licenses bring the total number of Class B, C, and D insurance companies licensed in the Cayman Islands to 701, with approximately $41 billion in premiums written and $153 billion in total assets, according to a statement from the Insurance Managers Association of Cayman (IMAC).

Class B(iii) licenses, which include reinsurers, continue to show notable growth, the statement said, underscoring growing interest in the Caymans as a reinsurance hub.

"It's encouraging to see the number of licensees surpass 700 for the first time since 2018, following a period of mergers and acquisitions activity in the healthcare industry," Kieran Mehigan, IMAC chair, said in the statement. "Cayman's international insurance industry remains vibrant and well-positioned for further growth."