Cayman Islands based reinsurance companies have established a new industry group called the Cayman International Reinsurance Companies Association (CIRCA), which is expected to help further develop the islands reinsurance sector.
Founding reinsurer members of CIRCA include: Aureum Re, Barents Re, CIBC Cayman Reinsurance Ltd., Greenlight Re, Knighthead Annuity & Life Assurance Company, Nassau Re (Cayman) Ltd. and United Insurance Company.
Full membership is only available to Cayman licensed reinsurance companies that have “substantive operations” in the jurisdiction, while Associate membership is available to other parties.
CIRCA’s mission statement identifies the organisation as, “the industry group for commercial reinsurers located in the Cayman Islands, dedicated to fostering the industry through peer interaction, advocacy and education on topics impacting the regulatory and business environment.”
Nathan Gemmiti, the first Chairman of CIRCA and Chief Operating Officer & General Counsel at Knighthead Annuity & Life Assurance Company, commented, “The reinsurance industry has strong history in the Cayman Islands. Market participants often interacted on matters that were important to the industry and have worked collaboratively with our regulators and other stakeholders. The founding members of CIRCA believe it is time to formalize the group and invite others to participate in advancing the reinsurance industry in Cayman.”
Graham Mackay, the first Vice Chairman of CIRCA and the Chief Operating Officer of Nassau Re, also said, “It is a great time to be in the Cayman Islands. Cayman’s reinsurance industry has experienced growth as market participants seek a highly rated domicile with an established regulatory framework, a sophisticated work force and a great place to live.”
Having a formalised industry group dedicated to advancing the status of its reinsurance sector will support the government’s goal of bringing more business to the Cayman Islands.