Third quarter figures from the Cayman Islands Monetary Authority (CIMA) show the continued resilience of Cayman’s captive insurance sector. CIMA licensed 29 captive insurance companies in the first nine months of 2011, 14 more than during the same period in 2010. The total number of captives in the jurisdiction at 30 September 2011 stood at 730.
Demonstrating a new benchmark, total premiums as at 30 September were reported at US$9.6 billion, the highest recorded in CIMA’s history. This compares to US$8.6 billion as at 31 December 2010 (12% increase). Total assets, as of 30 September 2011, were reported at US$58.3 billion, compared to US$57.9 billion as at 31 December 2010.
CIMA’s managing director, Cindy Scotland, commented: “This 93% increase in captive formations and close to $10 billion in premiums are indicators of the health of our captive insurance industry, despite the generally soft international insurance market conditions. In all of 2010 there were 25 new captives formed, so for our 2011 numbers to already be at 29, and with new applications pending, we anticipate this calendar year to reflect significant growth in new captives.”
