Following a whirlwind of a year for Cayman’s captive insurance industry in 2017 with 33 new formations which brought total assets to US$61 billion, the Cayman Islands insurance industry has seen a promising start to 2018 with the license count standing at 665 after the first quarter. This includes a growth in class B3 licensees from 142 to 147.
“As we move into 2018, we are seeing a shift in the composition of new licenses issued in Cayman,” said Erin Brosnihan, Chair of the Insurance Managers Association of Cayman. “As we have been witnessing in the last couple of years, mergers and acquisitions, particularly in the healthcare space, are continuing, so this is reflected in the overall numbers of captives. What we are particularly encouraged by is the overall assets held having increased over $1 billion since this time last year,” she continued.
The Cayman Islands has also moved into the top spot in the latest Global Financial Centres Index, the ratings of which are reviewed every six months and take into account 103 instrumental factors measured by a variety of international bodies, including the Telecommunication Infrastructure Index, the ICT Development Index, and the Government Effectiveness rating supplied by the World Bank.
“This year is off to a fantastic start as we maintain our stronghold in terms of market share and welcome the acknowledgement by our rising standing in the Global Financial Centres Index of our 40+ year history of expertise, professionalism and integrity.” said Ms Brosnihan.
Full licensing statistics are available through the Cayman Islands Monetary Authority at www.cima.ky.
via Press Release