George Town, Grand Cayman: 3 February 2015
The Cayman Islands captive insurance industry enjoyed steady, sustained growth in 2014, with 22 new captives formed. The total number of captives domiciled in Cayman was 759 as at 31 December 2014, pure captives representing 415 of these and a further 139 being segregated portfolio companies, writing total premiums of US$12 billion and holding total assets of US$51.5 billion.
Increasing competition from more than 80 captive domiciles worldwide has required diligence on behalf of the industry to continue to attract new captives. Insurance Managers Association Cayman (IMAC) chairperson Kieran O’Mahony is confident about Cayman’s continued leading position in the captive market. “The increase in the number of captives last year is evidence of the continued strength of our industry and the domicile. The enactment of the Portfolio Insurance Company regulations earlier this year also sets the stage for continued growth and innovation in 2015”, he said.
The Cayman Islands remains the leading jurisdiction for healthcare captives, with 34 percent of the captives in this classification, however, Cayman captives are increasingly being used for more innovative uses, such as insuring against cyber risk, terrorism threats and environmental pollution.