Cayman Islands Insurance Guide

Kevin C. Butler • Posted 22/04/2009 • Under Articles

The Cayman Islands Monetary Authority reported that as at 30 June 2008 there were 946 insurance licensees under regulation, an overall licensee increase of 23 from 30 June 2007. Of these, 772 were Class B (captive) licensees. Among the 772 captives were 126 segregated portfolio companies under the Companies Law (2007 Revision), with a total of 511 segregated portfolios operating within them. The 2007 to 2008 fiscal year saw 39 new captive licences issued and 19 cancelled.

North America continues to be the largest region of origin for Cayman captives, and represents 90 per cent of licences. Continuing demand for the use of captives is expected primarily in the areas of medical malpractice, workers' compensation, property coverage and professional and general liability.

A version of this article was also published by Complinet.