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ARTICLE · 20 NOVEMBER 2023

CIMA Issues Eight New Insurance Licenses In Q3

Cayman Finance
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The Cayman Islands Monetary Authority (CIMA) issued eight new insurance licenses in the third quarter. The rate of licensing activity, which remained similar to the first two quarters of the year...

Cayman IslandsFinance and Banking
Cayman Finance
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The Cayman Islands Monetary Authority (CIMA) issued eight new insurance licenses in the third quarter. The rate of licensing activity, which remained similar to the first two quarters of the year showed "continued interest in Cayman's captive insurance industry, which has maintained a strong position", the Insurance Managers Association of Cayman (IMAC) said in a press release.

The new third-quarter licenses included five class B(i) licenses, three class B(iii) and one new portfolio insurance company.

At the end of the quarter there were 679 class B, C and D insurance companies licenced in the Cayman Islands, writing approximately US$57 billion in premiums and with total assets of US$137 billion.

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