The Numbers Speak for Themselves

1. Double-Digit Growth: According to Cayman Finance, the Cayman Islands reinsurance sector has consistently posted double-digit annual growth rates over the past six years. This trend is no fluke; it reflects the islands' strategic advantages.
2. Licensees and Assets: At the end of 2023, the Cayman Islands Monetary Authority (CIMA) reported 80 reinsurance vehicles registered in the Cayman Islands. The 27 reinsurance licensees that have life as a primary class of business, account for 4% of all Cayman international insurance licensees. These entities manage $33.1 billion in premiums and hold $64 billion in assets.
3. In a July 2023 report by law firm Conyers, approximately 70% of the licenses issued by CIMA have been for commercial or affiliate reinsurers. Still, more recently, private equity, traditional reinsurance, and insurtech have been selecting the Cayman Islands to establish sidecar and reinsurance platforms.

Effective Regulation

The Cayman Islands' regulatory framework adheres to international standards, promoting investor confidence. Unlike some jurisdictions, the Cayman Islands chose not to seek Solvency II equivalency but focused on serving its closest market—the Americas. This flexibility allows CIMA to tailor risk-based prudential standards for each licensee, fostering a conducive environment for reinsurers.

Capital Efficiency

CIMA permits licensees to develop their own internal regulatory capital models. This flexibility enables reinsurers to structure their capital efficiently, which is crucial for investment houses seeking optimal returns on investment (ROI).

Capital Markets Hub

The Cayman Islands are the capital markets jurisdiction of choice. Reinsurers benefit from proximity to global financial centres, facilitating capital raising, securitisation, and risk transfer. The islands' robust legal framework supports innovative structures like catastrophe bonds and insurance-linked securities.

Domiciliation Appeal

Reinsurance companies are increasingly domiciling in the Cayman Islands. Since Q2 2019, CIMA has approved three new licenses, doubling the number of fully licensed Class D reinsurers with a physical presence on the island. These reinsurers focus on long-term risk in the life/annuity space and are subsidiaries of global institutional groups.

Camana Bay: The Epicenter

Camana Bay, nestled in Grand Cayman, has become the location of choice for reinsurers. Home to giants like Aureum Re, Greenlight Re, Knighthead Annuity, and United Insurance Company, it also hosts many leading captive insurance management firms. Camana Bay offers a vibrant ecosystem where insurance businesses thrive.

Why Consider Moving to the Cayman Islands?

Why CML?

CML has been pivotal in helping reinsurance professionals build their teams and careers in this thriving environment. Over the past seven-plus years, CML has been sought out and executed on the hiring of two Chief Actuaries, two Chief Underwriters, senior claims counsel, and over two dozen finance, accounting and actuarial positions, all in the Cayman Islands reinsurance space. This means we are uniquely positioned to bring talent to your company while carefully guiding candidates with an accurate portrayal of all Cayman has to offer.

The rise of the reinsurance sector in the Cayman Islands is a testament to the jurisdiction's robust regulatory framework and its appeal as a global financial hub. For those looking to forge a path in this dynamic sector, the opportunities are as sunny as the Cayman weather. As your trusted recruitment partner, we are committed to supporting your journey every step of the way.