The Cayman Islands Monetary Authority (CIMA) issued 11 new insurance licenses in the third quarter of 2025, reinforcing the jurisdiction’s position as a leading global hub for captive insurance, according to the Insurance Managers Association of Cayman (IMAC).
The latest approvals include five Class B(i) captive licenses and six Class B(iii) licenses, according to a report from BestWire.
So far this year, 32 new international insurance licenses have been issued, with another 19 applications under review and five more approved in principle, IMAC said. The figures place the Cayman Islands ahead of its 2024 total of 42 new licenses, marking another year of steady growth.
IMAC chair Kieran Mehigan said the sustained increase in new licensees demonstrates continued confidence in Cayman’s regulatory environment and its reputation for stability. Mehigan (pictured) said the jurisdiction remains well positioned to maintain this momentum through the rest of the year.
Following the latest approvals, 719 Class B, C, and D insurance companies are now licensed in the Cayman Islands. These companies collectively represent about $51 billion in premiums written and $173 billion in total assets, IMAC reported. The figures exclude segregated portfolios, which the group said reflect the broader scale of insurance activity in the jurisdiction.
Industry observers have noted that while new captive formations could slow amid global insurance market transitions, demand is expected to remain resilient. Earlier this year, Brian McNamara, head of captive solutions and multinational North America at Allianz Commercial, said that companies may reduce premium flow into captives during a softening market but would still rely on them for cost-effective risk transfer.
The Cayman Islands, along with Bermuda and Vermont, continues to rank among the world’s leading domiciles for captive insurers. Together, the three jurisdictions host about one-third of the roughly 6,000 captives operating across more than 70 countries. Around half of all captives are located in the United States, where onshore domiciles such as Hawaii and Arizona are also expanding.
