A group of reinsurance companies located in the Cayman Islands have announced the formation of a new industry group, called the Cayman International Reinsurance Companies Association (CIRCA).

The founding members of CIRCA include Aureum Re, Barents Re, CIBC Cayman Reinsurance Ltd., Greenlight Re, Knighthead Annuity & Life Assurance Company, Nassau Re (Cayman) Ltd. and United Insurance Company.

CIRCA describes itself as an “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.”

Nathan Gemmiti, Chairman of CIRCA, commented on the formation of the new group.

“The reinsurance industry has strong history in the Cayman Islands,” he said. “Market participants often interacted on matters that were important to the industry and have worked collaboratively 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,” Gemmiti added.

Graham Mackay, Vice Chairman of CIRCA, also commented: “It is a great time to be in the Cayman Islands. Cayman’s reinsurance industry has experienced growth as market participants seek a highly rated domicile with an established regulatory framework, a sophisticated work force and a great place to live.”

SOURCE: REINSURANCE NEWS