The Cayman Islands’ international insurance sector has recorded further expansion in 2025, according to new licensing data released by the Cayman Islands Monetary Authority (CIMA).
The Insurance Managers Association of Cayman (IMAC) highlighted the sector’s continued growth following the publication of third-quarter statistics.
CIMA issued 11 new international insurer licenses between July and September 2025. This total includes five Class B(i) and six Class B(iii) licenses. Combined with the 21 licenses granted in the first half of the year, the total number of new international insurance licenses issued in 2025 has reached 32.
In the second quarter of 2025, CIMA reported the issuance of 16 new international insurance licenses, which included nine Class B(i) captives, six Class B(iii) reinsurers, and one Class C insurer.
CIMA also reported that 19 additional license applications are under review, and five more have received approval in principle. At the end of 2024, there were 42 new licensees, suggesting the Cayman Islands is on track for another year of sector growth.
With the latest approvals, there are now 719 Class B, C, and D insurance companies licensed in the jurisdiction. These companies represent about US$51 billion in premiums written and US$173 billion in total assets. The figures exclude individual segregated portfolios, indicating that the overall market activity may be even larger.
The Cayman Islands is actively working toward being recognized as a “qualified jurisdiction” by the US National Association of Insurance Commissioners (NAIC). Achieving this status would allow Cayman-based reinsurers to operate under reduced collateral requirements when conducting business with US insurers, further strengthening the jurisdiction’s position as a global reinsurance hub.
Earlier this month, the Cayman International Reinsurance Companies Association (CIRCA) also hosted its second annual Cayman Islands Reinsurance Roundtable Breakfast in New York. The event gathered 200 delegates from seven countries and focused on Cayman’s ambitions for NAIC Qualified Jurisdiction Status and regulatory cooperation with the US.
Kieran Mehigan (pictured above), chair of IMAC, said the international insurance industry in Cayman “continues to show remarkable stability and growth.”
Mehigan added that the steady rise in new licensees demonstrates ongoing confidence in the jurisdiction’s regulatory environment and service standards. He noted that IMAC expects this momentum to continue through the rest of the year.
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