At the end of Q1, total premiums written for the sector stood at $14.6 billion, with total assets held of $60 billion.
Linda Haddleton, the new chair of the Insurance Managers Association of Cayman (IMAC), said a number of additional licence applications are also “planned or underway”.
She said: “This is rewarding news for the jurisdiction, demonstrating the confidence of markets in the regulatory framework and the advanced infrastructure of the Cayman Islands.”
Haddleton went on to discuss the success of captive insurance and its rise in popularity as a mechanism of alternative risk transfer.
She said: “Captives have been mainstream for some time now as successful alternative risk financing instruments, and nothing demonstrates this more than the proliferation of jurisdictions now competing to host captives.”
“Nevertheless, the global population of captives, and captive programmes in multi-owner and cell-type captives, continues to grow, as do the demands of newer industries and emerging risks, and of countries that have not previously understood or embraced the captive concept.”
“There remains much opportunity for a mature captive jurisdiction in both traditional and new markets, and the Cayman Islands offers a tried and tested, innovative environment in which to create alternative risk financing solutions, clearly continuing to attract new captives.”