New Cayman reinsurer launched; former Aon chair Markey joins board
A new reinsurer that will initially target the Florida property/casualty insurance market has been formed on the Cayman Islands.
Crosswinds Re, a specialty reinsurance business vehicle established by Crosswinds Holdings, has received approval from the Cayman Islands Monetary Authority as a Class B(iii) reinsurer.
The new venture has been formed with an initial $200,000 regulatory capital contribution made by Crosswinds through a newly established fund structure, Crosswinds Private Equity Partners.
Crosswinds is the sole initial limited partner of the Fund, which it intends to use to raise additional capital for Crosswinds Re to execute its business plan.
Paul Markey, the retired chairman of Aon's Bermuda based insurance and reinsurance broking operation, will serve as an independent director on the board of directors of Crosswinds Re.
Markey spent 21 years in Bermuda, joining Aon's Bermuda operations in 1994 with a mandate to implement a reinsurance broking strategy in Bermuda following the emergence of the Bermuda property catastrophe market in 1992 and 1993. Prior to joining Aon in 1989 he spent 10 years with Gen Re in both the US and London. Markey started his career with a Lloyds syndicate in the 1970's.
“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 androbust regulatory regime, made this an attractive domicile for Crosswinds Re," said Colin King, chief executive officer of Crosswinds Re.
"Following a careful and extensive review process, we are delighted to be partnering with the Maples group and look forward to building a thriving reinsurance business in the Cayman Islands."
Law firm Maples and Calder acted on the formation of the company and MaplesFS will provide insurance management services.