Southport Re, the reinsurance subsidiary of New York-based private equity firm Southport Lane, has become the first insurer in the Cayman Islands to take advantage of the jurisdiction’s recently amended insurance law.
Southport Re recently migrated from Cayman’s Class B captive licence to its new Class D open-market reinsurer licence.
Class D insurers are regulated by the Cayman Islands Monetary Authority (CIMA) and required to maintain a place of business in the Cayman Islands.
CIMA director Cindy Scotland feels that the amended insurance law will enhance the Cayman Island’s capability to effectively regulate the risks that different licensees face in the insurance market. “This is a key reason for differentiating between captives and reinsurers,” she added.
Glen Weber, CEO of Southport Re, said that the firm is “delighted to be the first Cayman insurer to receive this new classification. Southport Re continues to view Cayman as an attractive location for our reinsurance business.”
“The common sense approach to regulation, and the knowledge and experience of CIMA staff combined with a great service sector, makes the Cayman Islands an ideal location for us.”
