Cayman's reinsurance doubles in 18 months

Reinsurance in the Caymans has doubled in just 18 months. Local law firm Walkers Global pointed out that the Cayman Islands Monetary Authority has licensed three Class D reinsurers since the second quarter of 2019 – adding to the three with an existing presence on the islands.

“What has been noteworthy of late is the increase in reinsurance undertakings domiciling in the Cayman Islands or enquiries about the establishment or re-domiciliation of various types of reinsurance structures in the Cayman Islands,” wrote partner, Philip Paschalides (pictured left) and senior counsel Tony De Quintal (pictured right).

“All the new class Ds reinsure long term risk in the life/annuity space, and all are subsidiaries of global institutional groups that have established in or re-domiciled into the Cayman Islands,” they added.

According to the firm, the growth underlines Cayman’s position as “the capital markets jurisdiction of choice”.

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