The Cayman Islands insurance sector is booming, with 16 new international licences issued in the second quarter alone, on pace to surpass last year’s ten-year record of 42 licences, according to the Cayman Islands Monetary Authority.

The monetary authority has granted 21 new licences in the first half of 2025. Another nine have received conditional approval, and 14 more are under review, suggesting Cayman could hit a total of 44 new licences this year.

Now home to 712 Class B, C and D insurers, with roughly $41 billion in premiums and $152 billion in assets, Cayman competes with Bermuda as one of the world’s leading domiciles for captives and international insurance.

Kieran Mehigan, chair of the Insurance Managers Association of Cayman, commented in a press release: “The international commercial insurance, reinsurance and captive sectors in Cayman continue to show strong and sustainable growth.

“We are particularly encouraged by the continued expansion of both single‑parent and group captives, as well as the increasing number of new commercial reinsurers contributing to the jurisdiction’s momentum”

The Cayman monetary authority signalled it is nearing “qualified jurisdiction” status under the US National Association of Insurance Commissioners regime this year, mirroring Bermuda’s 2015 milestone, which could reduce regulatory burdens for reinsurers.

Athene's chief executive, James Belardi, warned this year that Cayman’s life insurance sector posed a risk and that some Bermudian-based firms were eyeing relocation.

Athene was domiciled in Bermuda, but moved its holding company to the United States at the end of 2023. It still has offices locally.

However, despite competition, Bermuda remains attractive, with Suzanne Williams-Charles, the chief executive of Bermuda International Long-Term Insurers and Reinsurers, reporting “constant interest” in new life insurer licences on the island.