The Cayman Islands are seeing a surge in new international insurance companies setting up shop. During the first half of 2025, the Cayman Islands Monetary Authority (CIMA) approved licenses for 21 new insurers. This includes 16 licenses granted between April and June—covering nine Class B(i) captives, six Class B(iii) reinsurers, and one Class C insurer—on top of five licenses issued in the first quarter.
CIMA also revealed that nine more applications have received initial approval, with 14 others still being reviewed. If all these move forward, the total number of new licenses in 2025 could reach 44, which would beat last year’s full-year figure of 42.
With the new licenses added, there are now 712 Class B, C, and D insurance companies registered in the Cayman Islands. Together, these companies handle around $41 billion in premiums and manage roughly $152 billion in assets. This does not include individual segregated portfolios, suggesting the market is even bigger than these numbers show.
Kieran Mehigan, chair of the Insurance Managers Association of Cayman, said the insurance and reinsurance sectors are growing steadily. He noted a rise in single-parent and group captives, as well as new commercial reinsurers joining the market, which is helping to keep the Cayman Islands as a leading spot for this kind of business.
The Cayman Islands are well known for being a top location for captive insurance companies, especially in healthcare, group captives, catastrophe bonds, and international reinsurance. The steady growth in new licenses reflects the ongoing appeal of the jurisdiction for insurance businesses looking to operate globally.