September 13, 2016 13:39 ET
TORONTO, ONTARIO--(Marketwired - Sept. 13, 2016) - Crosswinds Holdings Inc. ("Crosswinds" or the "Company") (TSX:CWI) is pleased to announce that it has formed Crosswinds Re, a new specialty Cayman reinsurance company. Crosswinds Re has been issued a license from the Cayman Islands Monetary Authority ("CIMA") to operate as a Class B(iii) reinsurer.
Crosswinds Re will act as a specialty reinsurer as part of Crosswinds' integrated insurance, reinsurance and asset management structure with an initial focus on the Florida property and casualty market.
Crosswinds Re has been formed with an initial USD$200,000 regulatory capital contribution made by Crosswinds through a newly established fund structure, Crosswinds Private Equity Partners (C.I.), L.P. (the "Fund"). Crosswinds is the sole initial limited partner of the Fund. The Fund's general partner, Crosswinds Private Equity Partners (C.I.), G.P., is wholly-owned by Crosswinds. Crosswinds' intends to use the Fund to raise additional capital for Crosswinds Re to execute its business plan.
Crosswinds is also pleased to announce that Paul Markey will serve as an independent director on the Board of Directors of Crosswinds Re. Mr. Markey is the retired Chairman of Aon's Bermuda based insurance and reinsurance broking operation, Aon (Bermuda) Ltd and the holding company Aon Group (Bermuda) Ltd. Paul has spent 21 years in Bermuda, joining Aon's Bermuda operations in 1994 with a mandate to implement a reinsurance broking strategy in Bermuda following the emergence of the Bermuda property catastrophe market in 1992 and 1993. Mr. Markey worked for Aon for over 25 years, previously having been EVP in their New York City reinsurance broking operations. Prior to joining Aon in 1989 Mr. Markey spent 10 years with Gen Re in both the U.S. and London. Mr. Markey started his career with a Lloyds syndicate in the 1970's.
Crosswinds Holdings Inc.
Crosswinds is a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.
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