US business dominates Cayman 2007 captive licences
–30 November 2007
All captives licensed by the Cayman Islands Monetary Authority (CIMA) this year to date are of US origin, except for three that originate from Canada, Bermuda and Switzerland, CIMA’s head of insurance Mary Lou Gallegos told the Cayman Captive Forum this week.
Of the 51 new licences, 20 are healthcare-related. “We have also added nine companies that are set up as special purpose vehicles to provide catastrophe reinsurance capacity through arrangements with the capital markets and 13 companies that are established as segregated portfolio companies,” she said.
This brings the number of segregated portfolio companies licensed as Class B insurers to 114, with 473 segregated portfolios operating within them. Not including the 473 segregated portfolios within the SPCs, the total number of captives operating within this jurisdiction now stands at 735, writing premiums of over $7 billion and reporting assets of over $29 billion.
Medical malpractice liability continues to be the main line of business written by the captives licensed in this jurisdiction, accounting for $2.8 billion of total premiums?, followed by workers comp with $1.8 billion, and professional and general liability with $1.1 billion.
CIMA has also licensed two additional insurance managers this year, one of which, Atlas Insurance Management, also operates in Anguilla, the British Virgin Islands and the Bahamas.
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