Aureum Re is the third Class D reinsurance company based in the Cayman Islands, law firm Stuarts Walker Hersant said in a press release.
Aureum Re will focus on third party reinsurance of fixed annuities, variable annuities and supplemental contracts issued by insurance companies domiciled in the United States.
“We are extremely happy to have established such an innovative company in the Cayman Islands and look forward to utilizing the local staff and working with Cayman-based personnel,” said CEO David Towriss.
Financial Services Minister Wayne Panton said government welcomes Aureum Re to Cayman as the newest reinsurance licensee.
“We’re encouraged that they are setting up physical presence here, which further solidifies Cayman’s position as a blue-chip jurisdiction for reinsurance and enhances our socioeconomic strength,” he said. Stuarts Walker Hersant Humphries advised Aureum Re in relation to the establishment and licensing of the reinsurance company.