Topsail Reinsurance SPC, Ltd (Topsail Re), a newly formed reinsurer domiciled in the Cayman Islands, has obtained its operating license ahead of the 1 January 2019 renewals, when the firm is due to begin writing business.
Parent company Topsail Holdings, Inc. confirmed that the Cayman Islands Monetary Authority had granted Topsail Re its operating license on 4 December 2018.
The new reinsurer’s launch was first announced in October 2018, with former JLT Re Executive David D. Johnson appointed to lead it.
Topsail said that the company is closely held with seeded capital from ultra-high net worth financial backing and has elected to be treated as a U.S tax paying entity.
“We are excited with the significant interest that we have received since announcing the formation of Topsail Re and are pleased to be open for business for the 2019 January 1 renewal cycle” said Johnson. “We look forward to partnering with companies that share our long-term view.”
Topsail Re plans to write business across a number of lines, including auto quota shares, property catastrophe risks, property retrocession, per-risk property business, captive solutions and other quota shares.