Alesia Re, SPC

Enforcement Notices

Date: Mon, 29 June 2020

View PDF

Messrs. Richard Jerome Kearns,

Anatoly Burman, Jean Francois -Lemay, Andrew Alberti & Jonathan Murphy

The Directors,

Alesia Re. SPC

Artemis House, 67 Fort Street

George Town, Grand Cayman

CAYMAN ISLANDS, KY1-1007

By Email

Dear Sirs,

The Cayman Islands monetary Authority (“the Authority”) writes to you in your capacity as Directors of the Company.

We refer to our Warning Notice dated 4 December 2019.

The Company remains in breach of the Insurance Law, 2010 (“the Law”) as follows:

Section 7 ( 1) and (2) for failure to pay its annua( licence fees and accrued penalties for the years 2019 and 2020;
Section 8(2) (a) and (c) of the law for failure to maintain a margin of solvency in accordance with the prescribed solvency requirements; and failure to maintain capital in accordance with the prescribed capital requirements; and
Section 9 (1)(a) of the Law for failure to prepare and submit audited financial statements for years end 2017 and 2018.

TAKE NOTICE:

The Cayman Islands Monetary Authority of StX, Cricket Square, PO Box 10052, Grand Cayman KY1- 1001, Cayman Islands, has taken the following action:

ACTION:

The Authority has revoked the Class D Insurer Licence held by Alesia Re, SPC. pursuant to section 24 (2)(c) of theLaw.

REASONS:

The Authority is, pursuant to sections 24(1)(a), (d} and (f) of the Law, of the opinion that:

The Company is or appears likely to become unable to meet its obligations as they fall due;
The Company has contravened the Law; and
The direction and management of the Company's business has not been conducted in a fit and proper manner.

EFFECTIVE DATE OF DECISION:

The Authority's decision regarding the above action is effective 24 June 2020.

Yours faithfully,

Cindy Scotland

Managing Director