The Cayman Islands Monetary Authority (CIMA) approved 21 new international insurer licenses in the first half of 2025, reflecting continued growth in the commercial insurance, reinsurance, and captive markets.
CIMA has helped establish the Cayman Islands as one of the top jurisdictions for captive insurance, hedge funds, and reinsurance groups, with a reputation for robust oversight combined with business-friendly regulation.
According to CIMA’s Q2 2025 licensing update, 16 new licenses were granted between April and June, adding to the five issued in Q1.
The breakdown includes nine Class B(i) captives, six Class B(iii) reinsurers, and one Class C insurer.
CIMA also confirmed nine applications have received in-principle approval, with 14 more under active review. If finalized, total new licenses in 2025 would reach 34, nearing the 41 issued in all of 2024.
The total number of licensed Class B, C, and D insurers now stands at 712. These entities collectively write around $41bn in premiums and manage $152bn in assets.
The figure excludes segregated portfolio companies, indicating broader market activity.
Kieran Mehigan, Chair of the Insurance Managers Association of Cayman (IMAC), said the region’s insurance growth remains strong.
We’re seeing expansion across single-parent and group captives, and a rising number of commercial reinsurers entering the market.
Kieran Mehigan, Chair of the Insurance Managers Association of Cayman
“This trend continues to reinforce Cayman’s role as a key global insurance hub,” he said.
The Cayman Islands Monetary Authority (CIMA) serves as the primary financial regulator for the Cayman Islands. Established in 1997, it operates under the Monetary Authority Law and several sector-specific laws that govern financial services in the jurisdiction.
Key Functions of CIMA:
- Regulation and Supervision:
CIMA oversees banks, insurance companies (including captives and reinsurers), investment funds, trust companies, securities firms, and money service businesses. It ensures these entities comply with both domestic laws and relevant international standards. - Licensing Authority:
It grants licenses and registrations to financial service providers, including international insurers, reinsurers, and investment funds. CIMA plays a central role in facilitating Cayman’s position as a leading offshore financial center. - Monetary Management:
The Authority manages the issuance and redemption of the Cayman Islands currency and maintains monetary stability. - Anti-Money Laundering (AML) Oversight:
CIMA enforces AML/CFT (Countering the Financing of Terrorism) measures in alignment with FATF standards and performs on-site inspections and risk assessments. - International Cooperation:
CIMA cooperates with global regulatory bodies and financial intelligence units, sharing information under appropriate agreements, including MOUs and multilateral initiatives. - Market Development and Integrity:
CIMA promotes confidence in the financial system by maintaining regulatory transparency, encouraging sound business conduct, and protecting depositors and investors.
