Redwood Reinsurance bought by Southport Lane

Cayman Islands reinsurer Redwood Reinsurance has been acquired by Southport Lane, a New York-based private equity (PE) firm.

Redwood Reinsurance provides treaty reinsurance for workers compensation and general liability insurance in the United States, and is Southport Lane’s second insurance acquisition.

“This deal underscores our commitment to expanding our insurance and reinsurance platform,” said Glenn Weber, chief executive officer of Southport Re, the PE firm’s platform for alternative risk transfer reinsurance activities.

“The acquisition of Redwood gives us access to an impressive, diverse insurance portfolio, and we will continue providing treaty reinsurance to our select carrier partners.”