Worldwide Bankers Reinsurance Company Limited also known as Bankers Re was incorporated in 1998. It was established in response to a demand for reinsurance support and services to the Eastern Caribbean and Trinidad and Tobago in particular, as a direct result of growth and demand for Treaty and Facultative risk placements. Worldwide Bankers Reinsurance (Bankers Re) was formed to specifically harness and provide coinsurance support and facultative services.
In 2004, Worldwide Bankers Re Company Limited (Worldwide Bankers Re) commenced discussions with the Board of Directors of Worldwide Insurance Limited in Grenada for 100% acquisition of the Company for reinsurance purposes. In 2005, an agreement was arrived on terms of purchase resulting in the completion by January 2006.
The establishment of the Caribbean Single Market Economy (CSME) has created the opportunity for Worldwide Bankers Re to be more involved in the evolution and policy development of the secondary insurance market in the Caribbean. Worldwide Bankers Re strategically opens access to brokers in the Eastern Caribbean and in particular the Organisation of Eastern Caribbean States (OECS) access to expertise and resources in a more timely, prudent and localised manner.
Today, the Worldwide Insurance Limited now Worldwide Reinsurance Ltd is wholly owned subsidiary of Worldwide Bankers Re. for the placement of non-life risks on a captive, coinsured or reassured basis and forms the cornerstone of the Eastern Caribbean Reinsurance trust with Indigenous Insurance Companies in the Regional Market.
Currently, Worldwide Bankers Re Limited supports International Reinsurance Risk from Latin America, London, Asia and the Caribbean.