The Cayman Actuarial Network: Elevating Actuarial Capacity in Reinsurance
The Cayman Actuarial Network (CAN) has been established in the Cayman Islands to serve as a vital resource for the burgeoning actuarial community amid the robust growth of the reinsurance sector. The initiative launched its social media presence in December, followed by a website rollout in February. CAN focuses on connecting actuaries across career stages, facilitating professional development, and promoting knowledge exchange. Additionally, it plans to undertake educational projects and community involvement.
This network’s inception coincides with substantial growth within the Cayman Islands' reinsurance industry. From 2020 to 2025, the number of reinsurance entities nearly doubled, increasing from 58 to 113, while total premium volume surged from $9.3 billion to $30.2 billion. During this period, reinsurance assets expanded by 341%, jumping from $23 billion to $101 billion.
A driving force behind this sector’s surge is the escalating U.S. annuity sales. According to LIMRA, annuity sales reached $434.1 billion in 2024, marking three consecutive years of record-breaking performance. Limited domestic capital, especially within the life and annuity sectors, has prompted U.S. insurers to partner with offshore reinsurers. The tax-neutral environment of the Cayman Islands offers an appealing alternative, particularly following Bermuda's introduction of a 15% corporate tax in January 2025 under the OECD Pillar Two framework.
The reinsurance boom has attracted a significant influx of actuarial talent to the Cayman Islands. Rachel Funk from Aureum Re noted that the number of actuaries on the island increased from 20 in 2018 to approximately 70 today, resulting in a higher per capita rate of actuaries compared to North America. Funk, who serves as the regulatory vice chair for the Cayman International Reinsurance Association (CIRCA), was instrumental in establishing CAN.
"CAN was created to connect professionals, encourage collaboration, and support the development of actuarial talent locally," Funk stated. "We're excited to see this network grow and deliver meaningful value to our community." CIRCA, representing the global reinsurance industry in the Cayman Islands, supports CAN. Conor Kearney, CIRCA’s marketing chair, emphasized the importance of a robust actuarial community for continued sector growth. "CAN will play a valuable role in developing talent, strengthening professional connections, and reinforcing Cayman's position as a leading international financial center," Kearney commented.
The creation of CAN aims to enhance local actuarial capacity and elevate the profile of the actuarial profession as the Cayman Islands solidify their status in the international reinsurance market.