The Maples group recently supported the Cayman Islands domiciliation of Crosswinds Re, a new specialty reinsurance business vehicle established by Crosswinds Holdings Inc., a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry. Crosswinds Re recently received approval from the Cayman Islands Monetary Authority as a Class B(iii) Reinsurer.
Crosswinds Re will act as a specialty reinsurer as part of a larger integrated insurance, reinsurance and asset management structure with an initial focus on the Florida property and casualty insurance market. Maples and Calder will act as Cayman Islands counsel, led by Partners, Abraham Thoppil and Tim Frawley. The MaplesFS team which includes, Lesley Thompson, Victoria Harvey and Tanya Campbell, will provide comprehensive insurance management services.
With the intention of reinforcing its position as a leading insurance and alternative risk transfer domicile, the Cayman Islands legislature introduced the Insurance Law, 2010 which provides a risk-based regulatory framework for the insurance industry. Crosswinds Re joins an ever growing list of insurance and reinsurance companies that have chosen to domicile in the Cayman Islands.
"The reputation of the Cayman Islands as the jurisdiction of choice for insurance and reinsurance companies, combined with an established network of high quality service providers and robust regulatory regime, made this an attractive domicile for Crosswinds Re," said Colin King, Chief Executive Officer of Crosswinds Re. "Following a careful and extensive review process, we are delighted to be partnering with the Maples group and look forward to building a thriving reinsurance business in the Cayman Islands."
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