The Cayman Islands Insurance Industry saw a “buoyant” start to 2017, with eight new insurer licenses issued in the first quarter, which followed a strong year in 2016 when 39 insurer licenses were issued, said the Insurance Managers Association of Cayman (IMAC).
Total premiums written for the sector stand at US$14.6 billion per annum, with total assets held of US$60 billion, said Linda Haddleton, chair of IMAC, in a statement.
“This picture is enhanced by a number of additional license applications planned or underway,” she added.
While captives have been mainstream alternative risk financing instruments for some time, the Cayman Islands continues to attract new captives, Haddleton said.
Further, she continued, the Cayman Islands has a long and successful history of hosting structures for insurance linked securities (ILS), which “represents another area of opportunity for new Cayman Islands licensed insurers.”
IMAC is a non-profit association run by the insurance managers of the Cayman Islands, which has been in operation since 1981. IMAC acts as regulatory liaison with the Cayman Islands Monetary Authority and the Cayman Islands government, which promoting the Cayman Islands as an offshore jurisdiction.
Source: Insurance Managers Association of Cayman (IMAC)
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