GEORGE TOWN, Cayman Islands–(BUSINESS WIRE)–May 29, 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 its new Class D open-market reinsurer license. While both classes are regulated by the Cayman Islands Monetary Authority (CIMA), Class D reinsurers are further required to maintain a place of business in the Cayman Islands.

‘Southport Re is a significant addition to our financial services community’, said Dr Dax Basdeo, Chief Officer in the Ministry for Financial Services. Noting that open-market reinsurer Greenlight Re also is domiciled in Cayman, he added, ‘Southport Re’s decision to migrate from a Class B to a Class D insurer underscores our strength and competitiveness in our reinsurance sector’.

Glenn Weber, CEO of Southport Re, said the firm is ‘delighted to be the first Cayman insurer to receive this new classification’.

‘Southport Re continues to view Cayman as an attractive location for our reinsurance business’, he said. ‘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’.

CIMA Director Cindy Scotland said the amended Insurance Law enhances Cayman’s capability to effectively regulate the risks inherent to different licensees in the insurance market. ‘This is a key reason for differentiating between captives and reinsurers’, she explained.

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