CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Reinsurer Southport Welcomed In Cayman

Reinsurer Southport Welcomed In Cayman

by Amanda Banks, Tax-News.com, London

31 May 2013


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.

TAGS: Insurance | tax | business | private equity | tax avoidance | financial services | insurance | international financial centres (IFC) | Cayman Islands | offshore | tax planning | regulation | services

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »