The Cayman Islands captive insurance market recorded 42 new international insurer licenses in 2025, marking a second consecutive year at that level, according to fourth-quarter data released by the Cayman Islands Monetary Authority (CIMA).
The Insurance Managers Association of Cayman (IMAC) noted that the figures represent a continuation of a licensing trend observed over the past decade. The Q4 2025 period alone saw CIMA issue 10 new international insurer licenses.
The quarterly breakdown included three Class B(i) licenses, four Class B(iii) licenses, one Class C license, and two Class D licenses. These categories cover single-parent captives, third-party writers, fully collateralized transactions, and open market reinsurers, respectively.
By the end of 2025, the jurisdiction reported 720 Class B, C, and D insurance companies in operation. These entities collectively wrote $51 billion in premiums and held $176 billion in total assets.
The premium volume reflected a 24% increase compared to 2024, while total assets rose by 15% over the same period.
For the full year, traditional single-parent captives licensed as Class B(i) accounted for 19 new licenses across various industries. Third-party writers under the B(iii) classification also added 19 new licenses, a figure that includes some reinsurance entities. Class C fully collateralized transactions and Class D open market reinsurers each recorded two new licenses during the year.
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IMAC Chair James Trundle (pictured above) attributed the activity to regulatory and operational factors in the jurisdiction.
"Cayman's continued growth reflects the jurisdiction's robust regulatory framework, business friendly environment and depth of professional expertise," Trundle said. He also credited CIMA's role in supporting the market.
"The collaborative and pragmatic approach taken by CIMA has been instrumental in supporting this momentum, and we are grateful for their ongoing engagement and responsiveness within the industry," he added.
Trundle was recently elected IMAC chair at the association's annual general meeting in Grand Cayman, succeeding Kieran Mehigan. The new executive committee includes Michael Wild of Artex as vice chair, Adam Vanicek of Marsh as treasurer, and Joy Domingo of WTW as assistant secretary.
IMAC also established a Talent Development Committee, chaired by Troy Matarazzo of Beecher Carlson, as part of its workforce development and succession planning efforts.
IMAC indicated it expects growth in reinsurance entities to continue into 2026. The association plans to address this segment at its CIRCA ReConnect conference, scheduled for April 16-17, 2026, at The Ritz-Carlton, Grand Cayman.
