Topsail Re, a newly formed reinsurer domiciled in the Cayman Islands, is preparing to begin writing business at the 1 January 2019 renewals.
Parent company Topsail Holdings said that the vehicle will underwrite 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.
The privately held reinsurer will be led by David D. Johnson, who joins the company from JLT Re, where he is currently a Member of the North America Executive Committee and Executive Vice President.
Johnson has two decades of experience in the reinsurance industry and was previously President and Chief Operating Officer (COO) of Axiom Re.
He will be joined by Topsail co-founder David Lee, a former NBA All-Star and affiliate of private equity firm Social Capital Corporation.
Other key team members transitioning to Topsail include Robert H. Harnatkiewicz, who has 28 years’ experience with companies such as Axiom Re and Munich Re, and Jacqueline S. May, who has 25 years’ experience at companies including Axiom re, Aon Re and Willis Re.
Topsail said that it plans to target regional insurance carriers through brokers to offer traditional and bespoke reinsurance solutions.
The company added that it 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.
“Topsail is a family company built on the basis of long term relationships” said Johnson. “We are excited to form partnerships with brokers and carriers in which our experience and capital can make a difference.”