Cayman Islands adds 11 new insurance licenses
The Cayman Islands granted 11 insurance permits between July and September as the Caribbean territory strengthened its appeal to companies managing their own risks. Regulators approved five Class B(i) captive applications and six Class B(iii) requests through the third quarter. The jurisdiction issued 32 licenses by September and processes another 19 applications that could surpass last year’s total of 42 approvals.
Kieran Mehigan chairs the Insurance Managers Association of Cayman and said steady growth reflects trust in local supervision and economic reliability. The islands host 719 licensed carriers that wrote 51 billion dollars in premiums and control 173 billion dollars in assets. Bermuda and Vermont compete with Cayman for captive business, while American states like Hawaii and Arizona attract more domestic formations.
