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Southport Re (Cayman), Ltd., the reinsurance subsidiary of New York City-based private equity firm Southport Lane, has become the first insurer in the Cayman Islands to take advantage of the jurisdiction’s recently amended Insurance Law.
Southport Re recently migrated from Cayman’s Class B captive license to a Class D open-market reinsurer license, a category created by a legal amendment to the Insurance Law, passed in November 2012, to establish a conducive regime for commercial resinsurers providing they have a physical presence in the Cayman Islands.
CIMA Director Cindy Scotland explained that the Class D open-market reinsurer license had been created to establish a different regulatory regime for captives and reinsurers. The amended Insurance Law, she explained, enhances Cayman’s capability to effectively regulate the risks inherent to different licensees in the insurance market.
Welcoming Southport Re's relocation to Cayman, as the island's second reinsurer to establish a physical presence, Dr Dax Basdeo, Chief Officer in the Ministry for Financial Services said: "Southport Re is a significant addition to our financial services community. Southport Re’s decision to migrate from a Class B to a Class D insurer underscores our strength and competitiveness in the reinsurance sector."
Glenn Weber, CEO of Southport Re, said the firm was "delighted to be the first Cayman insurer to receive the new classification."
"Southport Re continues to view Cayman as an attractive location for our reinsurance business. The common-sense approach to regulation, and the knowledge and experience of CIMA staff combined with a great service sector, makes the Cayman Islands an ideal location for us," he added.
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