19 September 2016Bermuda analysis

Crosswinds Re domiciles to Cayman Islands

Crosswinds Holdings has created Crosswinds Re, a new specialty Cayman reinsurance company. Crosswinds Re has been issued a license from the Cayman Islands Monetary Authority (CIMA) to operate as a Class B(iii) reinsurer.

The company will act as a specialty reinsurer as part of Crosswinds' integrated insurance, reinsurance and asset management structure with an initial focus on the Florida property and casualty market.

Crosswinds also announced that Paul Markey will serve as an independent director on the Board of Directors of Crosswinds Re.

Markey is the retired Chairman of Aon's Bermuda based insurance and reinsurance broking operation, Aon (Bermuda) and the holding company Aon Group (Bermuda).

Markey has spent 21 years in Bermuda, joining Aon's Bermuda operations in 1994 with a mandate to implement a reinsurance broking strategy in Bermuda following the emergence of the Bermuda property catastrophe market in 1992 and 1993.

Markey worked for Aon for over 25 years, previously having been an exevutive vice president at their New York City reinsurance broking operations.