Reinsurance Activity In The Cayman Islands Doubling Every 18 Months?

The Cayman Islands is already well-established as an insurance jurisdiction, with 770 insurance licensees conducting business under the supervision of the Cayman Islands Monetary Authority (“CIMA”) as at 30 June 2021. What has been noteworthy of late is the increase in reinsurance undertakings domiciling in the Cayman Islands or enquiries about the establishment or re-domiciliation of various types of reinsurance structures in the Cayman Islands. Since Q2 2019, CIMA has approved 3 new licences, doubling the number of fully licensed Class D reinsurers with a physical presence on the Island (there had been 3 such entities until 2019). All the new class Ds reinsure longterm risk in the life/annuity space and all are subsidiaries of global institutional groups that have established in or re-domiciled into the Cayman Islands.

 

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