A new reinsurance company has been formed on the Cayman Islands focused on the reinsurance of fixed annuities, variable annuities and supplemental contracts issued by US insurers.
Aureum Reinsurance Company has been registered as a Class D Reinsurance Company on Cayman.
David Towriss, the chief executive of Aureum, said: “We are extremely happy to have established such an innovative company in the Cayman Islands and look forward to utilizing the local staff and working with Cayman-based personnel.”
Wayne Panton, the Financial Services Minister on Cayman, added: “Government joins industry in welcoming Aureum Re to Cayman as our newest Class D reinsurance licensee. We’re encouraged that they are setting up physical presence here, which further solidifies Cayman’s position as a blue-chip jurisdiction for reinsurance and enhances our socioeconomic strength.”
Law firm Stuarts Walker Hersant Humphries advised Aureum Re in relation to the establishment and licensing of the Reinsurance Company.
Chris Humphries, managing director of Stuarts Walker Hersant Humphries, said: “It was a pleasure to work with Aureum Re and its management team on a project that is so unique and we wish them every success in the future and look forward to seeing their plans for growth and the improvement in the reinsurance industry in the Cayman Islands.”
News Source: Intelligent Insurer