George Town, Grand Cayman – Following today's (27 March, 2014) announcement by Oxbridge Re Holdings Limited that it is now listed on NASDAQ, the Cayman Islands Minister for Financial Services said the achievement indicates the jurisdiction's positive business and regulatory environment.
'Within one year of establishing the company in Cayman, Oxbridge Re has been able to both set up a physical presence, and also list on the world's second-largest stock exchange by market capitalisation', said Minister Wayne Panton.
'In addition to underscoring our strength and competitiveness in the reinsurance sector, this acknowledges the skilled and talented service providers we have in Cayman'.
Through its Cayman Islands Monetary Authority-licensed reinsurance subsidiary, Oxbridge Reinsurance Limited, Oxbridge Re writes fully collateralised policies to cover property losses from specified catastrophes. It closed its initial public offering of 4,884,650 units at a public offering price of US$6.00 per unit, before deducting placement agent fees. The units are listed on the NASDAQ Capital Market under the symbol OXBRU.
Minister Panton noted that Cayman's attractiveness as a reinsurance jurisdiction was bolstered with the 2012 amendment to the Insurance Law, which specifically caters for commercial reinsurers.
'Government fully supports growth in this area, as it complements our offerings in securities, insurance and investment funds', he said.
Oxbridge Re is led by CEO Jay Madhu.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.