The Cayman Actuarial Network (CAN) has launched in the Cayman Islands, aiming to serve as a central hub for the jurisdiction's fast-growing actuarial community at a time when the island's reinsurance sector is booming.
The network's social media pages went live in December, followed by its website in February. CAN is designed to bring together actuaries across career stages, with a focus on collaboration, professional development, and knowledge-sharing. It also plans to engage in educational initiatives and community outreach.
The launch comes against the backdrop of a dramatic expansion in Cayman's reinsurance industry. The number of reinsurance companies in the jurisdiction nearly doubled from 58 at the end of 2020 to 113 by the end of 2025, while total premiums surged from $9.3 billion to $30.2 billion over the same period. Total reinsurance assets grew 341%, from $23 billion to $101 billion.
That growth has been fueled in large part by record US annuity sales, which LIMRA reported hit $434.1 billion in 2024 - the third consecutive record year. Domestic capital constraints, particularly in life and annuity lines, have driven US insurers to partner with offshore reinsurers.
Cayman's tax-neutral framework has also been a draw, especially after Bermuda enacted a 15% corporate income tax in January 2025 under the OECD Pillar Two framework.
The boom has brought a wave of actuarial talent to the island. Speaking at a conference in April last year, Rachel Funk (pictured above) of Aureum Re said the Cayman Islands had around 70 actuaries, up from just 20 in 2018 - putting the jurisdiction at 10 times the per capita rate of North America.
Caymanians and permanent residents, she noted, made up about 20% of that workforce, with roughly two-thirds employed in-house and nearly 30% working as consultants.
Funk, who also serves as regulatory vice chair of the Cayman International Reinsurance Association (CIRCA), was involved in CAN's development.
"CAN has been created to connect professionals, encourage collaboration, and support the development of actuarial talent locally," she said. "We're excited to see this network grow and deliver meaningful value to our community."
The Cayman Actuarial Network is supported by CIRCA, which represents the jurisdiction's international reinsurance industry. Conor Kearney, CIRCA's marketing chair, said a strong actuarial community is central to the sector's continued development.
"CAN will play a valuable role in developing talent, strengthening professional connections, and reinforcing Cayman's position as a leading international financial center," Kearney said.
The network's organizers said CAN aims to build local actuarial capacity and raise the profession's profile as the Cayman Islands cements its standing in the global reinsurance market.
