Worldwide Reinsurance Limited 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 Reinsurance Limited was formed to specifically harness and provide coinsurance support and facultative services.
In 2004, Worldwide Reinsurance Limited 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 Reinsurance Limited to be more involved in the evolution and policy development of the secondary insurance market in the Caribbean. Worldwide Reinsurance Limited 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 Limited is wholly owned subsidiary of Worldwide Reinsurance Group 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 Reinsurance Limited supports International Reinsurance Risk from Latin America, London, Asia and the Caribbean.