The Cayman Islands captive insurance industry reported steady growth in 2014, with 22 new captives formed, according to the Insurance Managers Association Cayman (IMAC).
The total number of captives domiciled in Cayman was 759 as at 31 December 2014, pure captives representing 415 of these and a further 139 being segregated portfolio companies, writing total premiums of US$12 billion and holding total assets of US$51.5 billion.
Increasing competition from more than 80 captive domiciles worldwide has required diligence on behalf of the industry to continue to attract new captives, IMAC said in a statement.
“The increase in the number of captives last year is evidence of the continued strength of our industry and the domicile,” according to IMAC Chairperson Kieran O’Mahony. “The enactment of the Portfolio Insurance Company regulations earlier this year also sets the stage for continued growth and innovation in 2015.”
Source: Insurance Managers Association of Cayman (IMAC)
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