Cartesian Capital Group, a New York-based private equity firm, has announced the establishment of an authorized Class-3 reinsurance company in Bermuda. The new company, Iris Reinsurance (IrisRe) is formed in association with Schuyler Havens and Chase Toogood.

The company will reinsure primarily in the form of industry-loss warranties and cover various catastrophic risks, worldwide.

Peter Yu, Director of IrisRe, said: “The global financial crisis has created a true dislocation in the reinsurance markets. With a secure capital base and drawing on Chase Toogood’s broad experience in the Bermuda market, IrisRe will work creatively to meet the needs of the insurance and reinsurance industries.”