The Insurance Managers Association of Cayman (IMAC) has appointed Razaak “Raz” Busari as deputy head of the Insurance Supervision Division. Busari officially started in his post June 22, 2015, bringing with him more than 15 years of experience and expertise …
The first portfolio insurance company (PIC) has been formed in the Cayman Islands, as a direct result of new insurance regulations Cayman enacted in January to provide risk management alternatives for insurers incorporated as segregated portfolio companies (SPCs). AARIS Insurance …
Greenlight Capital Re Ltd., which is based in the Cayman Islands, reported net income of $60.7 million for the fourth quarter of 2014, compared to net income of $83.9 million for the same period in 2013. Net income for the …
The Cayman Islands captive insurance industry reported steady growth in 2014, with 22 new captives formed, according to the Insurance Managers Association Cayman (IMAC). The total number of captives domiciled in Cayman was 759 as at 31 December 2014, pure …
Kieran O’Mahony of Marsh Cayman has taken the Insurance Managers Association Cayman (IMAC)* reins from outgoing chairperson Rob Leadbetter at the 2015 Annual General Meeting, which was held 22 January 2015. Joining him as the new board are: Linda Haddleton …
The Cayman Islands passed new insurance regulations on January 16, which affect portfolio insurance companies (PIC). These regulations are designed to provide more risk management alternatives for insurers incorporated as segregated portfolio companies (SPCs), creating more flexibility for their operation, …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Greenlight Reinsurance, Ltd., as well as the FSR of ‘A-‘ (Excellent) and ICR of “a-” of Greenlight Re’s affiliate, …
Southport Lane, a New York-based private equity firm, has acquired Redwood Reinsurance SPC, Ltd., a Cayman Islands-based reinsurer that provides treaty reinsurance for workers compensation and general liability insurance in the U.S. Terms of the transaction were not disclosed. Redwood …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘B’ (Fair) from ‘B-‘ (Fair) and issuer credit ratings (ICR) to “bb” from “bb-” of American Country Insurance Company and American Service Insurance Company, Inc., both domiciled in Elk …
Swiss Re Capital Markets has successfully structured and placed €75 million [app. $97 million] of notes issued by Green Fields Capital Limited covering French windstorm events. “Green Fields is a newly established Irish special purpose company incorporated with limited liability,” …
