The Cayman Islands reinsurance industry is growing fast, representing only 16 per cent of licence holders, but now accounting for more than 70 per cent of total premium written, the industry’s captive insurance conference was told last week.

Cayman Finance, an organisation that promotes international business in the jurisdiction, foresees continued growth in MGA-backed reinsurers, life and annuity structures, crypto-enabled capital entering the risk market and an expanding pool of local talent.

Brittany MacVicar, associate director, Cayman Finance, together with other industry professionals spoke of the growing reinsurance hub, as reported by industry publication Captive International.

There are 719 international insurance licensees with $51 billion in premiums and $174 billion in assets.

Ms MacVicar said that part of the outreach in attracting more business involved countering outdated or misinformed perceptions.

Other panellists talked of Cayman’s stringent standards on anti-money-laundering, know-your-customer and governance.

Isaac Espinoza, chief executive of Kettle, was excited about Cayman’s pursuit of Qualified Jurisdiction status under the US National Association of Insurance Commissioners’ framework.

The article said: “Espinoza closed by noting that the reinsurance boom has direct benefits for the captive industry.

“As more reinsurers establish themselves locally across an increasingly diverse set of lines — life, property, healthcare, workers’ compensation, general liability, motor, and more — captives gain faster access to capacity, surplus relief solutions and counterparties within the same jurisdiction.

“This creates a more efficient marketplace and strengthens Cayman’s reputation as a centre for sophisticated risk management.”