Cayman reinsurance shift ‘negative’ for US life firms
Moody’s warns of US insurers switching preference after Bermuda tightens capital rules
The growing number of insurers shifting reserves to the Cayman Islands could expose the US life sector to greater risk, Moody’s has warned.
“The Cayman Islands is growing in significance as a destination for life reinsurance activity,” the rating agency said in a report that labels the offshoring of US life reserves to the Caymans as “credit negative” for the sector.
Certain reinsurers in the Cayman Islands may be well run and well capitalised. But the strength of counterparties can be
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