The Cayman Islands has officially launched its bid for qualified jurisdiction status, a key US regulatory recognition.

André Ebanks, Cayman’s Premier and Minister for Financial Services, announced last week that the territory would submit its bid for qualified jurisdiction status to the National Association of Insurance Commissioners, the US standard-setting body, by June this year, the Cayman Compass reported.

The territory has been working towards NAIC recognition for years, as the US is the source of most of its reinsurance business.

Bermuda is one of only seven jurisdictions to hold qualified jurisdiction status from the NAIC — the others are France, Germany, Ireland, Japan, Switzerland and the United Kingdom. The list has not changed since 2015.

Mr Ebanks’s announcement came at the 2026 ReConnect Conference in Grand Cayman last week.

Also at the event was a former Bermuda insurance executive who told AM Best TV she believes those in the Bermuda market are more likely to view Cayman as their competition than vice versa.

Susan Patschak, partner, global P&C insurance leader, islands region leader, Oliver Wyman, and former chief executive officer of Canopius Bermuda, was discussing Cayman and Bermuda market dynamics and how AI and alternative capital are reshaping P&C reinsurance.

She was asked by AM Best TV host Lori Chordas about factors influencing company decisions to choose Bermuda or Cayman for incorporation.

Ms Patschak, who has relocated to Florida, said that among the main things corporate representatives considered were the regulatory environment, the proximity to their corporate location, and the type of business they were looking to write.

She conceded that those interested in writing property and casualty are “a little bit hesitant to set up in Cayman right now” without approvals they seek from the NAIC.

Asked about the jurisdictional comparison, Ms Patschak offered: “Cayman people don't see Bermuda as competition. They want to be more collaborative. I think there's a lot of people in Bermuda who understand that collaboration. Unfortunately, they do view Cayman as competitive, as a competitor to them.”

She said companies ought to consider which jurisdiction gives them the better fit, noting they are not mutually exclusive.

There are many companies, she said that have a presence in both jurisdictions and that is probably a smart option.