Cayman’s insurance industry is in the midst of another busy season, with Q2 results in and plans already underway for the world’s largest captive insurance conference in November – the annual Cayman Captive Forum.
The Insurance Managers Association of Cayman (IMAC) reported 12 new insurance licensees in Q2, on top of 5 in Q1, bringing the total to 698 class B, C and D insurance companies. 21% of these companies were formed as segregated portfolio companies representing 600 segregated portfolios.
The industry’s surge of activity is a result of Cayman’s strong legislative framework and positive long-term credit outlook, which recently attracted a new D licensee redomiciled from Panama.
“It has definitely been a whirlwind for us, with steady growth in our class Bs, Cs and Ds,” commented IMAC chair Erin Brosnihan. “We’re proud of our portfolio insurance companies, which have formed a consistently growing portion of the market – despite being relatively new to Cayman’s international insurance mix. There are 13 total PICS to date.”
The Cayman Islands is also the leading jurisdiction for healthcare captives, representing almost one-third of all captives.
“Medical Malpractice Liability is once again our largest primary line of business, with approximately 32% of companies reinsuring MedMal,” explained Ms Brosnihan. “Worker’s Compensation is the second largest, with 22% of companies assuming this risk.”
IMAC is also gearing up for its annual Cayman Captive Forum, which welcomes over 1,400 industry specialists and experts for three days of networking and seminars. The 2018 forum takes place on 27 – 29 November 2018 and will be held at the Ritz-Carlton, Grand Cayman.
“We celebrated the Forum’s 25th anniversary last year,” said Ms Brosnihan. “While it was the best one yet, we are excited to come back even better in 2018!”