According to authors, Partner, Philip Paschalides and Senior Counsel, Tony De Quintal, “What has been noteworthy of late is the increase in reinsurance undertakings domiciling in the Cayman Islands or enquiries about the establishment or re-domiciliation of various types of reinsurance structures in the Cayman Islands.”
Since the second quarter of 2019, CIMA has approved 3 new licences. There had been three such entities in the Cayman Islands until that time, so these approvals effectively doubled the number of fully licensed Class D reinsurers with a physical presence on island.
“All the new class Ds reinsure long term risk in the life/annuity space and all are subsidiaries of global institutional groups that have established in or re-domiciled into the Cayman Islands,” says Walkers.
So, while the industry may not actually be doubling every year and a half, it certainly doubled in the past year and a half. According to Walkers, this growth was due to Cayman’s regulatory framework, its status as “the capital markets jurisdiction of choice” and its expanding value proposition.
The law firm also highlights “the depth and diversity of the capital markets that the Cayman Islands accesses and serves” stating that this is a major contributing factor for the country’s status as jurisdiction of choice for private equity firms and other asset managers with 13,219 private funds registered with CIMA at the end of Q1, 2021.
Interest in reinsurance has certainly been high within...
Read Full Story: https://cayman.loopnews.com/content/walkers-says-cayman-reinsurance-activity-doubling-every-15-years
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