30 May 2013Cayman analysis

Southport Re strengthens links with Cayman

Southport Re, the captive reinsurance subsidiary of New York private equity firm Southport Lane, has amended its Cayman captive classification from Class B to a new Class D open market reinsurer license.

Under the new licensing law introduced by Cayman’s amended Insurance Law Class D insurers are required to maintain a place of business in Cayman.

Commenting on the change to Southport Re’s classification, Dr Dax Basdeo, chief officer in the Ministry for Financial Services said: “Southport Re is a significant addition to our financial services community. 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. 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.”