Cayman reinsurers form new industry body to boost their interests

A group of reinsurance companies located in the Cayman Islands have formed a new industry group, the Cayman International Reinsurance Companies Association (CIRCA).

Pursuant to its mission statement, CIRCA is “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.”

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

Nathan Gemmiti, chairman of CIRCA and COO of Knighthead, said: “The reinsurance industry has strong history in the Cayman Islands. 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.”

Graham Mackay, vice chairman of CIRCA and COO of Nassau Re, added, “It is a great time to be in the Cayman Islands. Cayman’s reinsurance industry 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.”