A group of reinsurance companies located in the Cayman Islands have formed a new industry group, the Cayman International Reinsurance Companies Association.

According to its mission statement, Circa is “the industry group for commercial reinsurers located in the Cayman Islands, dedicated to fostering the industry through peer interaction, advocacy and education on topics impacting the regulatory and business environment”.

Full membership is available to Cayman-licensed reinsurers with substantive operations in the jurisdiction.

Nathan Gemmiti, chairman of Circa, said: “The reinsurance industry has strong history in the Cayman Islands. Market participants often interacted on matters that were important to the industry and have worked collaboratively with our regulators and other stakeholders. The founding members of Circa believe it is time to formalise the group and invite others to participate in advancing the reinsurance industry in Cayman.”

Graham Mackay, vice-chairman of Circa, added, “It is a great time to be in the Cayman Islands. Cayman’s reinsurance industry has experienced growth as market participants seek a highly rated domicile with an established regulatory framework, a sophisticated work force and a great place to live.”

The founding members of Circa include Aureum Re, Barents Re, CIBC Cayman Reinsurance Ltd, Greenlight Re, Knighthead Annuity & Life Assurance Company, Nassau Re (Cayman) Ltd and United Insurance Company.

Cayman is a significant captive insurance domicile, but lies far behind Bermuda in reinsurance. The Caribbean British Overseas Territory has previously made clear its intentions to lure Bermuda’s reinsurance industry to its shores, most notably in 2011 when McKeeva Bush, the then Premier of Cayman, announced immigration changes designed to tempt Bermudian reinsurers.

Since then, Bermuda has earned third-country equivalence with the European Union’s Solvency II regulatory regime, meaning reinsurers based in Bermuda can compete on a level playing field in Europe. Cayman has not pursued equivalence, limiting its attractiveness as a global reinsurance hub.

• Circa can be contacted at info@CIRCA.ky