30th of July 2010
15/02/2010
The Cayman Islands has experienced a 25% growth in captive formations from 2008 to 2009, according to figures released by the Insurance Managers Association of Cayman (IMAC).
As of 31 December 2009 the Cayman Islands Monetary Authority licensed 40 new captives, compared to 32 in 2008, bringing its total number of captive insurance companies to 780.
According to IMAC, this is the first increase in the number of new formations since 2002. However, it conceded that the net gain in captives for 2009 was only three companies as 37 insurance licences were cancelled in the same year.
The Cayman Islands Monetary Authority pushed through a number of captive cancellations in late 2009 as a housekeeping exercise but the IMAC statement asserted that the cancellations didn’t just represent those for 2009
“The primary reasons for cancellations are the expiration of programmes, mergers with other captives in Cayman and the soft insurance market in the United States,” it said.
Of the 40 new captives licensed in 2009, four were redomicilations from other domiciles and four of the 37 cancellations were redomicilations to other domiciles.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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