George Town, Grand Cayman, April 18, 2024 – The Cayman Islands Monetary Authority (CIMA) has just released licensing statistics for 1Q 2024 which showed that between January and March 2024, CIMA issued twelve new international insurer licenses — four B(i)s and eight B(iii)s.

With the addition of these new licensees there are now 691 Class B, C and D insurance companies licensed in Cayman, with approximately $58bn in premiums written and $139bn in total assets.

As anticipated, the number of new licenses in the first quarter has been encouraging and represents an increase in comparison to 2023 which is a good sign so early in the year.

The B(iii) license class growth is notable as Cayman continues to attract new reinsurers. The growth in reinsurance activity is expected to continue into for the remainder of 2024 and will be showcased at the inaugural CIRCA conference “ReConnect” being held at The Ritz-Carlton on the 18th to 19th April 2024.

The Insurance Managers Association of Cayman (IMAC) represents the international insurance industry in the Cayman Islands. IMAC liaises with government and the regulator on the industry’s behalf and promotes innovation and international competitiveness to maintain Cayman’s advantageous market position. The Cayman Islands is the second largest domicile in the world for captives and a dominant jurisdiction for healthcare captives, group captives, catastrophe bonds and international reinsurance.