The Cayman Islands Monetary Authority (CIMA) has published its second-quarter licensing figures for 2025, reporting the issuance of 16 new international insurance licenses between April and June.
The new licenses include nine Class B(i) captives, six Class B(iii) reinsurers, and one Class C insurer.
These additions bring the total number of international insurance licenses issued in the first half of 2025 to 21, following five in the first quarter. CIMA also noted that nine more applications have received approval in principle, and 14 others remain under review. If finalized, the number of new licenses for the year could reach 34, approaching the 41 licenses granted in 2024.
In the first quarter of 2025, CIMA had granted two Class B(i) and three Class B(iii) licenses. At the close of Q1, the number of licensed international insurance entities stood at 701, with companies writing approximately US$41 billion in premiums and holding US$153 billion in assets.
The recent activity increases the total number of Class B, C, and D insurance companies domiciled in the Cayman Islands to 712. These entities collectively write approximately US$41 billion in premiums and manage US$152 billion in assets. The figures exclude segregated portfolios, which are tracked separately.
Alongside these developments, Cayman has seen increasing interest in alternative reinsurance models, including sidecar structures. Industry observers note that broader lines of business – beyond traditional health and life captives – have contributed to growth.
CIMA is also working toward the Cayman Islands being recognized as a “qualified jurisdiction” by the US National Association of Insurance Commissioners (NAIC). This designation would reduce collateral requirements for Cayman-based reinsurers entering into business with US insurers.
Kieran Mehigan (pictured above), chair of the Insurance Managers Association of Cayman (IMAC), said the growth of the international commercial insurance, reinsurance, and captive segments in the Cayman Islands continues to be steady.
“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,” Mehigan said.
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