New reinsurance MGA launches
New reinsurance MGA launches | Insurance Business Asia
Reinsurance
New reinsurance MGA launches
It aims to serve existing and new firms operating in one region
Reinsurance
By
Kenneth Araullo
CEO Adrian Lynch has announced the launch of the Blue Ocean Reinsurance Group, a new managing general agent (MGA) platform based in the Cayman Islands.
It aims to offer comprehensive support services to both existing and new reinsurance companies entering the Cayman market, as well as to complex captive insurers. The organization is currently awaiting regulatory approval to operate its own insurance management services.
In addition to Lynch, the executive suite will include Graham McKay and Ruwan Jayasakera, who will serve as chief financial officer and chief operating officer, respectively.
Lynch, an industry stalwart, previously co-founded and served as a non-executive chairman for Aran Reinsurance Company. He also held previous roles at Artex Risk, Aon, Vanderbrook & Co, and more.
As per the MGA, the establishment of Blue Ocean comes at a time when the Cayman Islands is experiencing significant growth in its reinsurance sector. This expansion is attributed to the jurisdiction’s appealing regulatory framework, advanced legal infrastructure, and the availability of a skilled professional workforce.
Blue Ocean aims to capitalize on its founders’ understanding of the local operational and regulatory landscape, along with their extensive business practice knowledge, to assist new entrants.
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