The Cayman Islands Monetary Authority (CIMA), which represents the international insurance industry in the British overseas territory, reported that licenses have been approved for 21 new international insurers during the first half of this year.
Between April and June, CIMA issued 16 new international insurance licenses, comprising 9 Class B(i) captives, 6 Class B(iii) reinsurers, and 1 Class C insurer. Combined with the 5 licenses granted in Q1, Cayman has recorded 21 new international insurer licenses during the first half of 2025.
In addition, CIMA confirmed that an additional 9 applications have been approved in principle, with a further 14 currently under review. This would bring the total new license count for 2025 to 44, which would exceed the 42 new licenses issued in all of 2024 – and potentially break new records.
The addition of the Q2 licensees brings the total number of Class B, C, and D insurance companies domiciled in the Cayman Islands to 712, collectively writing approximately $41 billion in premiums and managing $152 billion in total assets.
These figures do not include individual segregated portfolios, which highlights the broader scale of activity in the jurisdiction.
“The international commercial insurance, reinsurance, and captive sectors in Cayman continue to show strong and sustainable growth,” commented Kieran Mehigan, chair of the Insurance Managers Association of Cayman (IMAC). “We are particularly encouraged by the continued expansion of both single-parent and group captives, as well as the increasing number of new commercial reinsurers contributing to the jurisdiction’s momentum.”
CIMA said the Cayman Islands is one of the largest domiciles in the world for captives and a dominant jurisdiction for healthcare captives, group captives, catastrophe bonds and international reinsurance.
Source: Cayman Islands Monetary Authority
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