Crosswinds Re, a new specialty reinsurance business vehicle established by Crosswinds Holdings, has received approval from the Cayman Islands Monetary Authority as a class B reinsurer.
The new specialty reinsurer will be part of a larger integrated insurance, reinsurance and asset management structure that will mainly focus on the Florida property and casualty insurance market.
The Maples Group, an international law firm, supported the Crosswinds Re domicile in the Cayman Islands. Maples and Calder will act as Cayman Islands counsel, led by partners Abraham Thoppil and Tim Frawley.
Colin King, CEO of Crosswinds Re, commented: "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.”
Alasdair Robertson, global managing partner of Maples and Calder and chairman of MaplesFS, commented: "We are pleased to have supported Crosswinds Re in their Cayman Islands domiciliation and look forward to continuing to work together as their business evolves."
