The Cayman Islands Monetary Authority cleared 11 new insurance licenses in the third quarter, keeping the island’s reputation as a magnet for captives and international insurers firmly intact.
According to the Insurance Managers Association of Cayman, the approvals split into five Class B(i) licenses and six Class B(iii) licenses.
That brings the 2025 tally to 32 new licenses, already outpacing last year’s 42, with 19 applications still under review and five more approved in principle.
The momentum underlines Cayman’s standing as one of the world’s top insurance domiciles. IMAC chair Kieran Mehigan said the steady rise in licensees shows insurers remain confident in the jurisdiction’s regulatory approach, service quality, and market stability. He suggested the pace signals durable growth through year-end.
Cayman’s international insurance industry continues to show remarkable stability and growth. We remain optimistic that this momentum will continue through the remainder of the year
Kieran Mehigan, chair of IMAC
“The consistent increase in new licensees reflects continued confidence in the jurisdiction’s regulatory framework, service excellence, and the stability that Cayman offers as a leading global insurance domicile,” Kieran Mehigan, chair of IMAC, said.
Right now, 719 Class B, C, and D companies operate under Cayman licenses, writing about $51 bn in premiums and holding $173 bn in assets.
The figures exclude segregated portfolios, meaning the real market footprint runs even larger.
Analysts caution that global conditions could slow captive formation, describing the environment as “transitional.”
But Allianz Commercial’s Brian McNamara said Cayman’s pipeline shows demand isn’t about to vanish. If anything, the island’s stability might keep attracting business while other markets wobble.
