CIMA says Cayman Fund and Insurance Sectors maintain success
According to the latest quarterly report released by the Cayman Islands Monetary Authority (CIMA), Cayman is the jurisdiction that remains at the head of the offshore funds world, and that the Cayman Islands maintains its position as the 2nd-largest offshore insurance domicile. CIMA’s report shows that the banking sector also held its own.
The Investments and Securities Division (ISD) evidenced a net increase of 1 288 funds authorized during 2007. This is an amount that brought the total number of active funds registered, administered or licensed in the jurisdiction to 9 413 as at December 31, 2007. This is an increase of 16% over the 2006.
The statistical update published in the report showed that in 2007 Cayman continued to be the 2nd-largest offshore domicile for captive insurance companies. The number of Cayman-domiciled captives increased in 2007.
It was indicated in the quarterly report that North America kept on being the predominant location of the risk covered by Cayman captives. It is worth noting that 90% of captives covered risk in that location as at December 2007. Another 3% covered risk in Latin America and the Caribbean.
Assets held by Cayman captives at the end of 2007 totalled almost USD 33 billion, which is an increase as compared to USD 29.6 billion the previous year. Total premiums amounted to USD 7.5 billion at 31 December 2007, as compared to USD 7 billion as at December 2006.
As regards the banking and trust sector, the report by the Cayman Islands Monetary Authority showed the data as of 31st December 2007. So, at that time there were:
19 Class A banking licences active;
261 Class B licences;
1 Class B restricted licence;
64 Nominee Trust licences;
7 Money Services Providers.
Regarding the Fiduciary Services sector, CIMA reported that at the end of 2007 there were:
51 Unrestricted Trust licences;
87 Restricted Trusts licences;
21 Nominee Trust licences;
69 Company Trust licences;
7 Corporate Services licences.