The Cayman Islands added 24 new captives in the first half of 2013, bringing the total number of licensed captives in the domicile to 750 as of June 30.
20 captives were licensed in the same period last year, contributing to a total of 53 licensed in 2012.
The Insurance Managers Association of Cayman (IMAC) states that 2012 was a year of “tremendous growth” for its captives industry, in which Cayman received its highest number of applications since the hard market of 2004.
Medical Malpractice Liability is Cayman's largest line of captives business, making up 33.8 percent of companies by the end of June 2013, followed by Workers' Compensation at 20.8 percent.
North American companies form more than 90 percent of Cayman's captives business, which reported $13.5 billion in total premiums in the first half of 2013, a 52 percent increase from $8.9 billion in the first half of 2012.
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