Nascent gets Cayman insurance management license, hires Micucci
Nascent Group, an insurance management and reinsurance transformer company launched by Andre Perez to reimagine the insurance-linked securities (ILS) servicing space, has now secured an insurance management license in the Cayman Islands and hired Sergio Micucci to run that operation for the firm.
The move means that Nascent Group’s ILS, reinsurance, and captive management services will now be available in the Cayman domicile.
The company said it will allow it to continue providing innovative services, while remaining domicile agnostic, allowing Nascent to utilise the best and most flexible solutions available for clients in each case.
“This capability is expected to attract sponsors, cedants, and investment managers for ILS, reinsurance, and traditional captive structures,” the company explained.
Andre Perez, CEO of Nascent Group commented, “This move will serve to enhance our offering to clients by providing them with increased flexibility and solutions optimized for their specific needs. By leveraging many of the unique advantages of the Cayman Islands, we will be able to continue to provide innovative services, particularly in the captive and parametric spaces.
“The growth of both the P&C and life sectors in the Cayman Islands, offers us a unique opportunity. With our experienced and global talent pool, we are positioning ourselves to serve those flourishing sectors in the Cayman Islands.”
The Nascent Group office in the Cayman Islands will be run by Sergio Micucci who joins as Head of Office.
Micucci has more than 15 years experience in the captive insurance market in the Cayman Islands and a 20 year career in insurance and financial services.
Most recently, Micucci was the CFO of Corinthian Group, a private, collateralized, commercial reinsurance operation that underwrote risks from global P&C markets through a variety of vehicle structures.
Prior to that, Micucci was a Director at Strategic Risk Solutions (Cayman) Limited, with responsibility for the licensing, administration and management of a range of captive insurance vehicles, including collateralized reinsurance entities and traditional captive insurance companies. He also spent some time at Aon Insurance Managers on the island.
Micucci said on his hire, “I’m excited at the opportunity the Nascent Group’s expansion into the Cayman Islands represents in terms of timing within the broader captive industry generally, and the parametric space more specifically given the depth of expertise and professionalism the larger Nascent team has at its disposal.”
Nascent sees the potential for the Cayman Islands to increasingly become a domicile servicing insurance-linked securities (ILS), parametric structures and reinsurance operations and said it is excited to be expanding its operation to the location.
