Cayman Islands Reinsurers Form New Industry Association

Cayman flag flying on a pole with a blue sky background

January 05, 2021

Cayman flag flying on a pole with a blue sky background

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

Founding members of the new group included Aureum Re, Barents Re, CIBC Cayman Reinsurance Ltd., Greenlight Re, Knighthead Annuity & Life Assurance Company, Nassau Re (Cayman) Ltd., and United Insurance Company.

According to CIRCA's mission statement, the organization 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."

CIRCA offers two types of membership. Full membership is available to Cayman-licensed reinsurers with substantive operations in the jurisdiction. Associate membership is available to other parties not eligible for full membership.

"The reinsurance industry has strong history in the Cayman Islands," Nathan Gemmiti, chairman of CIRCA, said in a statement. "Market participants often interacted on matters that were important to the industry and have worked collectively 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."

January 05, 2021