Aureum Reinsurance Company Ltd. (Aureum Re) has been registered in the Cayman Islands, becoming the 3rd Class D Reinsurance Company to locate itself in the domicile.
Aureum Re plans to target providing reinsurance solutions largely for providers of fixed annuities and variable annuities, as well as reinsuring some other contracts. Aureum Re will be focused on the United States insurance market in its search for clients.
CEO of Aureum Re David Towriss commented; “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.”
The Cayman Islands has had some success in recent months attracting life or annuities focused reinsurance players to the domicile.
Cayman Financial Services Minister Wayne Panton 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 provided Aureum Re with advice on establishment and licensing a reinsurance company in the Cayman Islands.
Chris Humphries, Managing Director of Stuarts Walker Hersant Humphries, explained; “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.”