Offshore
Market For Captive Insurance Booms In Cayman Islands - Data
Captive insurance companies registered in the Cayman Islands
are booming, the Caribbean jurisdiction reports, with total
assets under
management rising by 51 per cent in 2012 from a year earlier to
stand at $88.1
billion.
A captive insurer is a company mainly insuring risks of
businesses which are related to it through common ownership.
These vehicles can
form a part of business, estate and asset protection planning,
hence their relevance
to wealth managers.
Total premiums written by captives were $11.8 billion last
year, a rise of 24 per cent year-on-year, the
Cayman Islands Monetary Authority
said in a statement.
The regulator received 67 applications for new licenses last
year, with 52 licenses granted and the remainder scheduled for
approval in
2013. The total number of new licenses accounts for an increase
of more than 58
per cent over 2011 and is the biggest year for captives since the
hard market
of 2004, the regulator said.
Globally, there are around 5,000 captives. Since 1980, 3,095
of these structures have been licensed in the Cayman
Islands.
