Devondale Re
Partnership Capital & Disciplined Execution
Devondale Re is a Cayman Islands Class B (iii) insurer focused on opportunistic collateralized and loss-capped reinsurance strategies. The platform is built on a disciplined capital allocation philosophy designed to drive long-term value.
Through structured reinsurance transactions, Devondale Re accesses diversified portfolios of property and casualty insurance risks from established cedants with proven track records.
On January 1, 2026, Devondale Holdings acquired FG Reinsurance Ltd and FG Re Solutions Ltd, rebranding them as Devondale Re and Devondale Re Solutions. The platform is supported by Saltire Capital (TSX: SLT.U) and reinsurance capital from Fergus Re.
As part of this structure, business underwritten by Devondale Re is ceded, with a cut-through, to Fergus Re, providing additional capital strength and alignment.
Our Platform
Devondale’s platform is focused on identifying and executing reinsurance opportunities with attractive risk-adjusted returns.
A disciplined capital allocation approach enables long-term decision making, supported by experienced underwriting across collateralized and loss-capped reinsurance strategies.
The Devondale Team
Extensive Reinsurance Experience
CEO
Prior to joining FG Reinsurance Ltd, Mr. Heise served as Director and Chief Executive Officer of Insurance Income Strategies Ltd., a Bermuda based reinsurance holding corporation, and as the Director and Chief Executive Officer of its wholly owned subsidiary IIS Re (Cayman), Ltd., a Cayman Islands corporation operating as Class C insurer. Mr. Heise also serves as the Non-Executive Director for Akinova (Bermuda) Ltd., a digital risk trading insurtech start-up promising a digital platform for trading insurance and reinsurance risks.
Mr. Heise co-founded and was CEO of the Bermuda Commodities Exchange (BCOE) and Clearing House, 25 years ago, whose products are the basis for the insurance linked securities market. Mr. Heise also worked with Guy Carpenter to create the index that the products were based upon. Mr. Heise was an author of the rules and regulations of the BCOE, which included the Bermuda Monetary Authority as the regulator of the BCOE in 1995. Mr. Heise has previously served as the President of BlueGreen Re, a Bermuda reinsurer, a Director Horseshoe Management (Ireland) Ltd, and as President of RedRidge Capital Advisors. Mr. Heise is also an experienced, global executive with general management and entrepreneurial experience in international, domestic, public and private insurance and financial services companies, including living overseas with total responsibility for the operations of a start-up and a subsidiary of a Fortune 100 company. Mr. Heise is experienced in start-up and turn around environments with extensive knowledge in new product development, financial, legal, and regulatory matters. Mr. Heise served as the VP of Mergers and Acquisitions at Near North National Group. Then, Mr. Heise was the Director of Reinsurance & Financial Planning for American International Group, Inc. He was a registered person with FINRA and the Central Bank of Ireland.
