New reinsurance vehicle domiciles in Cayman

Crosswinds Re, a new specialty reinsurance business vehicle, has obtained a class B reinsurer license from the Cayman Islands Monetary Authority.

The reinsurance vehicle was established by Crosswinds Holdings Inc., a publicly traded private equity firm and asset manager that targets strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.

Crosswinds Re will act as a specialty reinsurer as part of a larger integrated insurance, reinsurance and asset management structure with an initial focus on the Florida property and casualty insurance market. Maples and Calder will act as Cayman Islands counsel and MaplesFS will provide comprehensive insurance management services.

Colin King, chief executive officer of Crosswinds Re, said, “The reputation of the Cayman Islands as the jurisdiction of choice for insurance and reinsurance companies, combined with an established network of high quality service providers and robust regulatory regime, made this an attractive domicile for Crosswinds Re.”