The results for the final quarter of 2017 have been announced by The Cayman Islands Monetary Authority (CIMA) and Cayman is once again a leading domicile for international insurance.
This year’s Q4 results have reported 33 new formations for 2017 under a total of 26 managers. Total premiums were reported at US$12.4 billion and total assets at US$61 billion.
The Insurance Managers Association of Cayman (IMAC) expressed excitement over the results, particularly given the high quality nature of the new formations.
“This is fantastic news,” remarked association chair, Erin Brosnihan. “The last quarter of 2017 saw heightened activity, both for mergers and new formations, which we anticipated. We pride ourselves on leading the way in insurance innovation, and this is where our group and pure captives particularly shine.”
Cayman remains the global leader in healthcare captive insurance, with almost half of its captives represented by this sector. Medical Malpractice Liability (MedMal) continues to be the largest primary line of business with approximately 32% of companies reinsuring MedMal. Worker’s Compensation is the second largest, with 21% of companies assuming this risk.
“We have over 40 years of experience in healthcare captives, so this is not surprising,” explained Ms Brosnihan. “Cayman has a first class reputation in this space. Each year we partner with more and more healthcare systems – systems that are growing larger, more integrated, and definitely more complex. Still, we are able to provide them with tailored solutions, which is why we are number one.”
Ms Brosnihan went on to explain the benefits of conducting business in Cayman: “There is no question as to why we are the best at what we do. The fact that we have attracted 33 quality formations this year – during what was a relatively soft market – is testament to the continued attractiveness of the domicile. Cayman is more than well-positioned to facilitate global business for insurance and it is no surprise that we have wrapped up another successful year.”