Business community reacts to fee increases

Cayman Compass

The premier, regulators and reinsurance professionals are pushing for a US insurance regulatory body to award Cayman qualified jurisdiction status.

Reinsurance is one of the rising stars of Cayman’s financial services. The last 20 years have seen a significant growth in the B(iii) and D licences used by reinsurers. At the end of 2024, there were 107 reinsurance company licences issued in Cayman, with US$25 billion of written premiums and US$93 billion of assets under management.

The growth has come as the US looks to Cayman to help fill long-term capital needs. “There is a huge global gap in retirement savings, something like a US$100 trillion shortfall,” said Gary Harris, a partner at Walkers. “More sophisticated products and more capital are needed.”