AGP Executive Report
Last update: 9 hours agoOffshore Reinsurance: AM Best says Bermuda still leads offshore life reinsurance, but Cayman’s share of ceded annuity reserves rose to 2.3% in 2025 (from 2.0%), helped by new US sidecars—while competition is set to intensify as Cayman pushes for NAIC Qualified Jurisdiction Status. Regulatory Push: Premier Andre Ebanks says the NAIC QJS application is expected to take 16–18 months, with government aiming to “mature” Cayman’s reinsurance market while protecting the captive sector through close consultation. Crypto Finance: Ethena and FalconX launched a $1bn secured lending facility using assets backing USDe to fund overcollateralized institutional loans, with FalconX handling origination and collateral oversight. Compliance Update: CIMA’s new AML and Sanctions Rules for investment funds take effect 18 Sept 2026, including an independent, separate AML audit requirement. Utilities & Cost of Living: OfReg’s new 25-year licence for Cayman Water Company took effect 1 Aug and is expected to cut average household water rates by about 6.5%. Biosecurity: The Department of Agriculture intercepted a live cane toad in an incoming shipment on 16 July, highlighting strengthened horizon scanning and frontline surveillance. Public Safety: RCIPS warns of a new phishing scam using fake text messages about overdue traffic fines—don’t click links or pay.
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