Annuity Issuers Send More Business to the Cayman Islands

September 10, 2024 by Allison Bell

U.S. life insurance and annuity issuers are using reinsurance arrangements based in the Cayman Islands to back a growing share of their business, according to a team of analysts at Moody’s Ratings.

The Cayman Islands and its insurers maintain that the self-governing British territory has a thorough, modern regulatory system. But the Moody’s team contends that the Cayman Islands system is still too different and operations there are still too opaque for it to treat reinsurance written there as being equivalent to U.S. reinsurance.

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Originally Posted at Think Advisor on September 6, 2024 by Allison Bell.