Cayman reinsurers form industry body

Six Cayman Islands-based reinsurance companies have formed a new industry group, the Cayman International Reinsurance Companies Association (CIRCA).

In its mission statements CIRCA defines itself 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, chairman of CIRCA, said in a press release that the reinsurance industry has strong history in Cayman. “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,” Gemmiti said.

Graham Mackay, the association’s vice chairman, added that the reinsurance industry in Cayman 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.”

The founding members of CIRCA are Aureum Re, Barents Re, CIBC Cayman Reinsurance Ltd., Greenlight Re, Knighthead Annuity & Life Assurance Company, Nassau Re (Cayman) Ltd. and United Insurance Company.

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The association offers two types of membership. Full membership is available to Cayman-licensed reinsurers with substantive operations in the jurisdiction. Associate membership is available to other parties not eligible for full membership.

An application, fee and approval by the board is required for all memberships.

For inquiries about membership or other topics contact [email protected]

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