GEORGE TOWN, Grand Cayman--(BUSINESS WIRE)--Cayman’s international insurance industry continued to consolidate its growth, following first quarter figures recently published by the Cayman Islands Monetary Authority (CIMA). (see click here for full pdf press release)
Cayman Islands ended the first quarter of 2020 with 8 newly licensed insurance companies (5 Class Bs; 2 Class Cs and 1 Class D) and a newly licensed insurance manager in the international sector.
The variation in licensee classes highlights how the Cayman Islands insurance sector continues to evolve, evidencing diversification within these insurance sector statistics.
Accompanying the new Class B and Class C licenses (which ordinarily form the bulk of new approvals), were 3 Portfolio Insurance Company* approvals.
*Legislation was specifically designed to allow Cayman Islands insurers established as segregated portfolio companies (SPC’s) to incorporate one or more of their segregated portfolios/cells, as separate legal entities (Portfolio Insurance Company (PIC)).