An Ogier team in the Cayman Islands led by Partner James Heinicke and senior associate Tommy Tuohy acted for BTG Pactual Reinsurance (Cayman) Ltd. in respect of its application to be licensed as a Class B(iii) insurer under section 4(3)(b) of the Insurance Law (Revised).
BTG Pactual Reinsurance reinsures surety bonds and related insurance products written by its affiliates in Brazil.
Ogier's role involved incorporating BTG Pactual Reinsurance in Cayman and advising it in respect of each of the steps required in order to obtain the Class B(iii) insurance licence.
Ogier worked closely with the Cayman Islands Monetary Authority (CIMA) and BTG Pactual Reinsurance's insurance manager to ensure that all of CIMA's licensing requirements were satisfied and that the licence was obtained promptly.
James Heinicke said: "We have seen a marked uptick in insurance matters at Ogier in Cayman, and this deal exemplifies the expertise and industry relationships we are able to draw upon to deliver a successful outcome for clients.
"With a growing Latin American practice, Ogier in Cayman is also well positioned to service clients with links to these markets."