IN THE CAYMAN ISLANDS REINSURANCE WORKS
A MESSAGE FROM THE PREMIER OF THE CAYMAN ISLANDS
As Premier of the Cayman Islands and Minister responsible for Financial Services and Commerce, I am pleased to introduce this edition of Reinsurance Works in the Cayman Islands. Its pages reflect the strength, innovation and progress of our reinsurance industry, and its role within our country’s globally respected financial services framework.
The Cayman Islands’ reputation as a world-class financial centre is built on sound regulation, transparency, and adaptation to global market needs. Reinsurance is an increasingly significant part of this success story, offering stability for international reinsurers who need and want operational efficiency and access to expert talent and services.
And of course reinsurance and Cayman’s investment funds – for which we are well known as a market leader – complement each other in connecting capital and opportunities. In fact, our leading position in funds is a springboard for attracting reinsurance business. Together these sectors underscore our position as a modern financial services regime.
It’s therefore with good reason that the Cayman Islands Government remains committed to the steady growth of the reinsurance industry. In consultation with industry stakeholders and the Cayman Islands Monetary Authority, our country enhances and
THE HON. ANDRÉ EBANKS, MP
maintains a regulatory environment that is riskbased, responsive, and aligned with international standards. As reinsurers adapt to emerging risks and opportunities in today’s rapidly changing environment, our regime ably supports them.
By spreading risk, providing stability, and supporting recovery from unforeseen events, reinsurance clearly has a vital role in the global economy. Here in the Cayman Islands, we are proud to contribute to this essential network by ensuring that we remain a trusted and forward-looking reinsurance domicile for years to come.
THE CAYMAN ISLANDS AND REINSURANCE
A HUB OF FINANCIAL EXCELLENCE
The Cayman Islands has long been celebrated as a global hub for investment funds and captive insurance companies. However, in recent years, it has confidently established itself as a key player in the reinsurance sector. With its business-friendly environment, political and legal stability and a robust, riskbased regulatory framework, the jurisdiction has become a sought-after destination for reinsurance operations.
BUSINESS MADE EASY
Setting up in the Cayman Islands is straightforward and efficient. The jurisdiction offers a warm welcome to new entrants, offering streamlined processes and tailored licenses to suit diverse needs. Companies can opt for the Class D reinsurance license, tailored for those establishing a physical presence on the island, or the more flexible Class B(iii) license, which allows local insurance managers to provide operational management. Optionality in deal structuring –including full reserve credit with collateralisation commitments, combined with Cayman’s tax neutrality, provides an efficient and flexible environment for global reinsurers.
Discover why the Cayman Islands has become a sought after destination for reinsurance.
POOLING FINANCIAL TALENT
Over the years, the Cayman Islands has cultivated a rich pool of financial expertise, honed through more than fifty years as a global captive leader and the largest hedge fund domicile in the world. The jurisdiction boasts top-tier legal, auditing, and insurance management firms, forming a robust support network for reinsurance ventures. This commitment to nurturing talent not only ensures the delivery of high-quality services but also minimises barriers to growth, fostering an environment for reinsurance ventures to thrive.
The Cayman Islands offers access to a strong pool of actuarial expertise, attracting top-tier actuaries globally while also fostering a growing number of locally trained professionals. This combination ensures reinsurers benefit from both seasoned international talent and a steadily expanding base of homegrown actuaries to support the industry’s evolving needs.
A COLLABORATIVE APPROACH
Collaboration lies at the heart of the Cayman Islands’ approach to business. Government, the Cayman Islands Monetary Authority (CIMA), and service providers work in tandem, facilitating a smooth transition for new entrants. Both government and the regulator have dedicated reinsurance expertise. CIMA, known for its proportional and risk-based regulatory approach, tailors its oversight to individual business models while ensuring adherence to international standards. Supportive immigration policies
further expedite the relocation process for executives and employees, ensuring a smooth integration into the vibrant island community. This collaborative ethos extends beyond borders, with the Cayman Islands actively engaging in international forums and maintaining cooperation agreements with regulatory authorities worldwide, bolstering its reputation as a trusted jurisdiction on the global stage.
A BEACON OF STABILITY
As a UK Overseas Territory, the Cayman Islands enjoys the stability of a robust economic and political climate, complemented by a legal system firmly rooted in UK common law. Regulatory oversight from CIMA further solidifies this stability, ensuring a safe and conducive environment for reinsurance ventures to thrive. CIMA’s approach to regulation is aligned to international standards, proportional and risk-based, engaging with applicants to tailor support according to their unique business models. CIMA is a founding member of the International Association of Insurance Supervisors and has over 70 bilateral and multilateral cooperation agreements with international regulatory authorities, including an MOU with the NAIC in the US.
Industry associations such as the Cayman International Reinsurance Companies Association (CIRCA), the Insurance Managers Association of Cayman (IMAC), and Cayman Finance play an important role in fostering an environment of collaboration and support.
NAVIGATING TOWARDS SUCCESS
With unwavering government support and a proven track record, the future of Cayman’s reinsurance sector shines brightly. As it continues to experience strong, sustained growth, the Cayman Islands is
strengthening its global presence in the world of reinsurance, offering a pathway towards success for companies seeking to thrive in this dynamic industry. In a world of uncertainty, one thing remains clear: the Cayman Islands is a key player in the global reinsurance market, with a strong foundation for continued success.
CRAFTING THE FUTURE
The Cayman Islands’ regulatory framework offers a unique advantage for reinsurers. Its flexibility allows companies to adopt bespoke capital models tailored to the specific risk profile of their business. Attracting a predominantly US-based clientele, complex transactions find fertile ground here, as Cayman’s regulatory environment provides ample room for innovation and growth. The jurisdiction’s commitment to continuous improvement and adaptation ensures its resilience and attractiveness in an ever-evolving global market landscape.
A TESTAMENT TO RESILIENCE
In 2024, the Cayman Islands witnessed continued growth in the reinsurance sector with 42 new international insurance licenses issued. The jurisdiction now licenses a total of 697 Class B, C and D companies including 100 reinsurance firms. Premiums written reached $41 billion in 2024, with $11.7 billion attributable to life and annuity business and total assets under management standing at $152 billion. These milestones underscore Cayman’s resilience and leadership in the global reinsurance market.
WHY OPERATE A BUSINESS FROM THE CAYMAN ISLANDS?
Beyond the pristine beaches and crystal blue waters, there’s a sophisticated business community of global banks and accounting and law firms, operating in a highly regulated leading provider of global financial services. Political and economic stability, world-class infrastructure, an absence of taxation, low crime rate, an idyllic quality of life and the ease of doing business make this jurisdiction the perfect place to set up office.
SAFE AND SOPHISTICATED
The Cayman Islands is one of the safest places in the Caribbean to live and work. A low crime rate, a professional and well-established police force and a stable judicial system contribute to the successful growth of the country as an offshore business locale. The expansion of the business community has catalysed sophisticated networks –modern hospitals and road infrastructure, a sound communications network, a quality education system and cosmopolitan shops, services and restaurants.
STABILITY
The Cayman Islands is led by a democratically elected government. As a British Overseas Territory, the legal system is rooted in English common law and the country has a governor permanently in residence to serve as the representative of the monarch of the United Kingdom.
ROBUST ECONOMY
With a GDP per capita of US$97,750, a strong institutional framework and a low debt burden of less than 10% of GDP, the Cayman Islands economy continues to thrive and typically maintains a healthy surplus.
TAX NEUTRALITY
There is no direct taxation in the form of corporate, capital gains, personal income or property taxes. A significant portion of government revenue is derived from taxes on visitor arrivals and tourist accommodations, a one-time stamp (property transfer) tax applied to real estate transactions and regionally competitive import duties on consumer goods.
EASE OF DOING BUSINESS
Authorities have worked hard to ensure the Cayman Islands is a transparent and pro-business jurisdiction. This has helped the country achieve the lowest complexity score on the TMF Group’s Global Business Complexity Index 2025. With its healthy economy, the Cayman Islands is an easy place for foreign companies to operate.
LOCATION
The country’s close proximity to the United States (90-minute flight to Miami) and nonstop flights to other major North American cities in under a halfday’s flying time make doing business in the Cayman Islands easy and accessible.
THE CAYMAN ISLANDS
The Cayman Islands is an acclaimed tourism and diving destination hailed for its white sand beaches, extensive coral reef system, luxury resorts and its well-earned title as the “culinary capital of the Caribbean”. But it’s not all play.
Beyond the veneer of flip-flops and designer sunglasses is a sophisticated business community consisting of global banks and accounting and law firms, all operating in a highly regulated international financial centre. The absence of corporate, income and capital gains taxes makes the jurisdiction a particularly appealing one in which to operate a business.
Official language:
ENGLISH
Nationality:
CAYMANIAN
Total population: (Cayman Islands Government, 2024)
Average
Main industries:
Capital city:
CAYMAN ISLANDS DOLLAR
(CI)
CI$1 = US$1.25
Official currency: US$66,585
Expatriate population:
Nationalities:
Unemployment
Average
Average
Political status:
BRITISH
OVERSEAS TERRITORY
National bird:
Indigenous to Grand Cayman:
National flower:
National tree:
GRAND CAYMAN PARROT BLUE IGUANA
WILD BANANA ORCHID
SILVER THATCH PALM
GEORGE TOWN
The Cayman Islands is comprised of three islands: Grand Cayman, Cayman Brac and Little Cayman.
Combined, the three islands cover 102 square miles, with the highest point being The Bluff on Cayman Brac at 140 feet above sea level.
CAYMANBRAC LITTLECAYMAN
86 miles northeast of Grand Cayman
100 miles northeast of Grand Cayman
Seven Mile Beach
WEST BAY
Camana Bay
GEORGE TOWN Airport
SOUTH SOUND
BODDEN TOWN
Rum Point
NORTH SIDE
EAST END
GRAND CAYMAN
Starfish Point
NORTH SOUND CARIBBEAN
EASE OF CONNECTIVITY
The Cayman Islands offers exceptional ease of connectivity, with numerous direct flights from major international hubs. Whether you’re travelling from the United States, Canada or the UK, reaching Grand Cayman is both convenient and hassle-free.
Direct flight times from major cities include:
THE CAYMAN ISLANDS GOVERNMENT
The Cayman Islands is a British Overseas Territory and accordingly, a governor is appointed by His Majesty’s Government. In the Cayman Islands, a democratically elected government is appointed every four years, led by a premier, the leader of the political party with a majority of seats in the Cayman Islands’ parliament, made up of 19 elected members. In addition, the deputy governor and attorney general serve as ex officio members.
JUDICIAL SYSTEM
The judiciary is one of three separate arms of the Cayman Islands Government whose system dates back to 1798. It administers the law independently of the executive and legislative arms of government, an independence that is safeguarded in the Constitution of the Cayman Islands. The practice and procedures of the judiciary are based on English common law.
Public hospitals
Private hospitals
TWO THREE 700+
registered practitioners and private specialists
MODERN INFRASTRUCTURE
The economic growth of the Cayman Islands is well supported by modern infrastructure, including an efficient roads network, underground telecommunications, a recent major airport expansion project and numerous residential and Class-A commercial developments.
HEALTHCARE AND SAFETY
There are three full-service hospitals on Grand Cayman and one on Cayman Brac, complemented by several public clinics across the three islands. Healthcare is provided by more than 2,000 healthcare professionals.
With an effective and established police force, the crime rate in the Cayman Islands remains one of the lowest in the region. Founded in 1907, the Royal Cayman Islands Police Service (RCIPS) is equipped with over 450 staff serving both residents and visitors alike.
QUALITY EDUCATION
Private and public schools offering a choice of American and British curriculum are available to residents. Public education facilities are free to citizens of the Cayman Islands, and private schools are attended by citizens and expatriate children. School attendance is compulsory from kindergarten to grade 12, and the population is largely skilled, educated and literate, representing a 99% literacy rate.
In addition to elementary and secondary schools, the Cayman Islands has the University College of the Cayman Islands, which offers programmes ranging from associate to graduate programmes; St. Matthew’s University (medical school) and the Truman Bodden Law School, two accredited colleges largely offering undergraduate degree programmes; and a number of private schools offering vocational training programmes.
THE CAYMAN ISLANDS ECONOMY
Economically, the Cayman Islands has a very high GDP per capita (US$97,750), a strong institutional framework, a low debt burden of less than 10% of GDP and an historical commitment to fiscal prudence. Employment has shown an impressive growth rate of around 4% since the early 90s and real GDP has grown at an estimated 4-5% per year during the period 2021-2023. The unemployment rate is less than 3%. The basic (key) sector is financial services, followed by tourism. The credit rating of the Government of Cayman Islands was reaffirmed at Aa3 by Moody’s in June 2025.
AIRCRAFT & SHIPPING INSURANCE
Top-quality flag state in international aviation and maritime sectors
BANKING & FINANCE
A leading offshore financial centre
LEGAL
A legal system based on English common law
Among the top three insurance domiciles globally
TECHNOLOGY
Serviced by dependable telecoms infrastructure
FAMILY OFFICES
A thriving financial industry and tax-neutral environment
As the world’s second largest fund domicile after the U.S., the Cayman Islands consistently ranks among the top global financial sectors. Leading global firms such as Appleby, Aon, Artex Risk Solutions, Conyers, Deloitte, EY, KPMG, Maples Group, Marsh McLennan, Ogier, PwC, Walkers and Willis Towers Watson have established a strong presence in the jurisdiction.
Cayman is home to more than 13,000 mutual funds and 17,000 private funds, as well as around 120,000 registered companies. The jurisdiction also hosts over 700 insurance companies, predominantly captives and is rapidly expanding its reinsurance footprint.
This thriving financial services sector has fuelled significant growth in professional and business services, including accountants, lawyers, actuaries, and insurance managers—to support its diverse and evolving industries.
HOSPITALITY
The Cayman Islands is visited by 400,000-500,000 stay-over tourists each year. As of February 2025, there are 23 hotels, over 350 guest houses and more than 800 apartments available for short-term visitors. While there are a wide variety of options available to visitors, the country has a thriving luxury travel market. Hospitality jobs have grown at a longterm rate of more than 3% annually.
GOVERNMENT AND INSTITUTIONS
As a British Overseas Territory, the Cayman Islands benefits from its close ties to the United Kingdom. The government is required to adhere to fiscal rules embedded in its Framework for Fiscal Responsibility (FFR), which has anchored fiscal policy effectiveness. The economy benefits from high per capita income, strong institutions, and a well-regulated financial sector that continues to grow despite global regulatory shifts (Moody’s, 2025). The institutions and government strength were rated at “Aa3” by Moody’s due to the Cayman Islands’ low debt burden and substantial liquid reserves.
The government tends to generate fiscal surpluses during the times of economic growth. Its low debt is owed entirely to domestic creditors. Its fiscal strength was set at “Aa1” by Moody’s.
Photo Credit: Compass Media
Dart is an investment company founded by investor and entrepreneur Ken Dart. For more than three decades, we have led the way on investment, innovation and business in the Cayman Islands and now operate in multiple industries, including real estate development, finance, retail, hospitality, media and entertainment. We’ve been building and developing property in Cayman since 2005 and our approach has remained steadfast. Renowned for our thoughtful design approach, we’re proud to create places and communities where people want to live, work, play, learn and invest.
As the largest private investor and employer in the Cayman Islands, Dart has invested more than US$1.5 billion in real estate development in the Cayman Islands to date, including Camana Bay, a 685-acre mixed-use, master-planned new urbanist town, and multiple Forbes Travel Guide Five Star rated resorts. Dart companies are distinguished by a legacy of creating enduring value and prospects for shared prosperity in the communities they serve. In keeping with this long-term commitment to the Cayman Islands, we are dedicated to supporting Cayman’s blossoming reinsurance industry and are poised to assist its continued, yet sustainable growth.
The country’s financial services industry has created, nurtured and grown a network of service providers recognised globally for its depth and breadth of talent and innovation. This network of experienced professionals collaborates to create a seamless transition to the Cayman Islands and whether your business needs a landing point in executive-serviced offices or you require a bespoke space reflective of your corporate brand – there is a commercial solution to suit. Dart’s Commercial Leasing team use their unrivalled knowledge of the Commercial Real Estate landscape in the Cayman Islands and have over one million square feet of office, retail and restaurant space at their disposal to find the perfect fit for you and your business needs. Moreover, our Provenance Properties residential brokerage, the only real estate brokerage in the jurisdiction affiliated with Christie’s International Real Estate, is equipped with a team of sales specialists prepared to assist with carefully cultivated options for clients seeking to relocate to the Cayman Islands and discover island living.
CAMANA BAY
Dart’s flagship development, Camana Bay, is located at the core of Grand Cayman’s Seven Mile Beach corridor, offering a prestigious address to the local and international business community. This 685acre master-planned Caribbean community is a hub for Grand Cayman’s financial services industry. The vibrant town boasts over 1,000,000 square feet of sustainably designed retail, F&B, residential and Class-A commercial office space for lease. Its exceptional business community is powered by the more than 3,800 people who choose to live, work and play here every day.
Camana Bay’s waterfront residential communities offer everything residents need to live, work, play and have fun – all within walking distance with over 100+ luxury residences and 150+ long-term luxury apartments. With a variety of residential options available, from The Terraces and Kapok in the bustling town centre to the more tranquil neighbourhood of OLEA in south Camana Bay, there is a home to suit every need. SUSTAINABILITY
Since its beginnings in 2007, sustainability has been an integral part of the foundation of Camana Bay, emphasising sustainable building practices, infrastructure and energy solutions. From rooftop solar arrays, a central water chiller cooling buildings across the Town Centre, a 190,000-gallon cistern to capture and reuse rainwater and more, the master-planned community has and continues to demonstrate its commitment to building for the future.
Consistent with its New Urbanism design philosophy, Camana Bay underscores the importance of a high-quality work and lifestyle environment. Tenants are awarded inspiring views, beautiful outdoor spaces, diversity in shopping, dining and entertainment, sports fields, a harbour, car parks, a helipad, a fitness centre, nightly entertainment and on-site medical services.
LIVING AT CAMANA BAY
With no restrictions on foreign land ownership, no annual property taxes, and a transparent, well-regulated land registry, the Cayman Islands are among the world’s most secure and straightforward property investment destinations.
The real estate experts at Provenance Properties, a Christie’s International Real Estate Affiliate, assist clients relocating from around the world, offering unparalleled access to an exclusive portfolio of homes and unmatched concierge services.
In partnership with the Dart network of trusted service providers, their team will ensure your transition to life in Grand Cayman is effortless.
provenanceproperties.com
OUR COMMERCIAL LEASING TEAM
With experience in large-scale financial services and fintech relocations, as well as family office, medical and reinsurance inter-jurisdictional moves, our commercial leasing team are experts in finding the perfect fit for your business needs in the Cayman Islands. To learn more about your opportunities, contact the team at leasing@dart.ky or +1.345.640.3600.
(L-R) Jennifer Ebanks, Trent Christie, Abigail Ferrera, Kristy Rivers.
