Customized Solutions. Steadfast Execution.
Mission
Nassau Re (Cayman) Ltd. is based in the Cayman Islands and focuses primarily on reinsuring life, annuity, and long term care insurance liabilities. We currently have total assets of $1.2 billion*. Nassau Re (Cayman) Ltd. is one of the founding members of the Cayman International Reinsurance Companies Association (CIRCA), an industry group for commercial reinsurers located in the Cayman Islands, dedicated to fostering the industry through peer interaction, advocacy and education on topics impacting the regulatory and business environment.
We are a subsidiary of Nassau Financial Group, a growth focused and digitally enabled financial services company with three distinct and closely connected businesses: insurance, reinsurance, and asset management. Nassau was founded in 2015 and has grown to $1.6 billion in total adjusted capital and $24 billion in assets under management*.
*As of 3/31/24.
Life Insurance
Universal life, fixed indexed universal life, whole and term life insurance
Annuities
Fixed indexed annuities, traditional fixed, immediate annuities
Long Term Care
Individual, group, association & riders on other types of policies
Our executive team
We attract and retain the top insurance talent in the industry.
Phil Gass
Director
Phil is a co-founder of Nassau and serves as chairman and chief executive officer.
Phil previously served as chairman and director of Fidelity & Guaranty Life (NYSE:FGL) from 2011 through 2015. He also previously served as managing director of investments at HRG Group, Inc. (NYSE:HRG) where he was responsible for HRG and its affiliates' investments in financial services.
Prior to joining HRG and its affiliates in 2008, Phil served as vice president of GE Capital, where he was responsible for underwriting and managing private equity investments from 2004 to 2008. He also previously held roles at Dresdner Kleinwort Wasserstein and the Sumitomo Bank.
Phil holds a B.S. in finance from New York University and is a CFA charter holder.
Kostas Cheliotis
Director
Kostas, also known as Gus, is a co-founder of Nassau and is responsible for legal affairs, strategy and corporate functions.
He previously served as senior vice president and deputy general counsel of HRG Group, Inc. (NYSE:HRG) where he focused on investments in financial services including insurance, reinsurance and asset management. He also previously served as director of Fidelity & Guaranty Life (NYSE:FGL).
Prior to joining HRG and FGL in 2010, Kostas was a senior associate in the M&A Group at Milbank, Tweed, Hadley and McCloy.
He holds a B.A. from St. John's University, magna cum laude, and his J.D. from New York Law School, summa cum laude, where he was an Articles Editor on the Law Review.
Eric Marhoun
Director and COO
Eric has overall responsibility for overseeing and managing Nassau Re (Cayman)’s comprehensive operations, ensuring seamless execution and delivering business solutions that bring strategic value to the company and its affiliates. Through Nassau Re (Cayman), a founding member of the Cayman International Reinsurance Companies Association (CIRCA), Eric participates in various Cayman reinsurance industry initiatives.
Eric has 35 years of legal experience in US and non-US insurance markets. Prior to joining Nassau in 2020, Eric was Executive Vice President, General Counsel and Secretary of Fidelity & Guaranty Life (NYSE: FG), where he oversaw the Legal and Compliance departments for its US, Bermuda, and Cayman life and annuity business Earlier in his career, Eric was Vice President, Managing Counsel, and Secretary of American Express Financial Advisors, Inc. n/k/a Ameriprise Financial where he oversaw the legal operations of the insurance division of American Express, and was an Associate with Lord, Bissell & Brook.
Eric received his JD cum laude from DePaul University College of Law and is admitted to practice law in the States of Illinois, Minnesota, Wisconsin, and Georgia as well as various federal courts. Eric has a B.S. with Honor in Business Administration from the University of St. Thomas in St. Paul, Minnesota.
Faith Dube
Director and Deputy COO
Faith is responsible for overseeing the day-to-day operations of Nassau Re (Cayman) and its affiliated offshore entities.
She joined the company in 2019 and focuses on analyzing offshore reinsurance arrangements, ensuring regulatory compliance, and implementing effective governance practices for offshore entities. She is also responsible for managing the work performed by consultants and shared service teams serving Nassau Re (Cayman). Through Nassau Re (Cayman), a founding member of the Cayman International Reinsurance Companies Association (CIRCA), Faith participates in various Cayman reinsurance industry initiatives.
Faith is a qualified Chartered Accountant (CA) with extensive expertise in various sectors of the financial industry. Prior to Nassau, she spent 15 years in public accountancy with a prestigious Big Four accounting firm providing audit and advisory services to a diverse range of institutions. Her clients included reinsurance, insurance, and banking institutions, among others.
Faith's professional affiliations include membership in the Institute of Chartered Accountants of Zimbabwe, Chartered Accountants of Australia and New Zealand, and the Cayman Islands Institute of Professional Accountants. She holds a Bachelor of Accounting Science degree and postgraduate diploma in Applied Accounting Science from the University of South Africa.
Michael Donovan
Chief Actuary
Michael is the Approved Actuary for Nassau Re (Cayman) and Chief Actuary for Nassau Financial Group.
He has been with the Nassau Financial Group since 2002 and has a wide range of actuarial experience including product development, valuation and reporting, inforce management, reinsurance, and strategic transactions. He was named to his current role in 2021..
Michael is a Fellow of the Society of Actuaries (FSA) and a Member of the American Academy of Actuaries (MAAA). He holds a Bachelor of Science in Actuarial Science from the University of Connecticut.