Caribbean Equity Reinsurance Ltd, a re-insurer of credit insurance risk written in the US and Canada, became one of the longest-standing Cayman Islands domiciled captive insurance companies when it celebrated its 25th anniversary of incorporation at a special annual general meeting and dinner held 7 April, 2006, at the Ritz-Carlton, Grand Cayman.
The agency captive, owned in part by independent auto dealers in the US and Canada, was founded in April 1981, has written net premiums of over $575 million and has produced underwriting profits for every one of its 25 years. The business is managed in the Cayman Islands by Caledonian Insurance Services Ltd.
‘We look back on these past 25 years with a great sense of accomplishment on many levels,’ said Dave Rekoski, President, Caribbean Equity Reinsurance Ltd. ‘Not only have we achieved business success, we have developed outstanding relationships with those involved in servicing our business, including expert advisors and regulators in the Cayman Islands and our partners in the US.’
The company’s mission is to act as a re-insurer of credit insurance risk written in the U.S. and Canada.
It writes credit life insurance to repay outstanding loans in the event of the borrower’s death, and disability insurance to repay outstanding loans in the event the borrower becomes disabled. The credit insurance is written through auto dealers and financial institutions.
Conor Jennings of Caledonian Insurance Services Ltd. believes that ‘reaching this significant landmark of 25 years is a credit to the Cayman Islands and its ability to attract and maintain major insurance and reinsurance companies. A combination of pragmatic regulation and professional insurance management services has enabled Caribbean Equity to be one of the world leaders in its specialised field. ‘
Over its 25 years of existence the company has had seven presidents and over 40 directors, many of whom attended the celebratory dinner.