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 $24.8 billion in assets under management*.
*As of 6/30/26.
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 top insurance and reinsurance talent in the industry.
Phil Gass
Director
Phil has served as Chairman and Chief Executive Officer of Nassau Financial Group since its founding in 2015. He has led the company through significant transformation, including mergers and acquisitions, product innovation, digital modernization, and sustained growth.
Phil has more than 25 years of experience in the insurance and asset management industries. Prior to Nassau, he led Fidelity & Guaranty Life (NYSE:FG) and held senior leadership roles at HRG Group and Harbinger Capital Partners. Earlier in his career, Phil held roles at GE Capital and Dresdner Kleinwort Wasserstein.
Phil holds a bachelor’s degree from New York University’s Leonard N. Stern School of Business and is a CFA charter holder.
Outside of work, Phil is a competitive triathlete, a third degree black belt in judo, and enjoys spending time with his wife and three children.
Kostas Cheliotis
Director
Kostas, also known as Gus, 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.
Kostas enjoys spending time with his family, weightlifting and competitive races, studying Plato and other western philosophers, and following St. John’s Basketball. He is a long-time advisor and supporter of the Seal Future Foundation and Greek Orthodox Churches of Long Island.
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.
Michael Donovan
Chief Actuary
Mike is the Approved Actuary for Nassau Re (Cayman) and Chief Actuary for Nassau Financial Group.
Mike leads Nassau's Actuarial team with responsibility for valuation, product management, modeling, data analytics, corporate actuarial, M&A and other strategic initiatives. He also serves as Appointed Actuary, Closed Block Actuary, and Illustration Actuary for all of Nassau's legal entities.
Mike first joined the company as an actuarial intern and then full time as an actuarial assistant in 2002. His career has covered a broad range of actuarial roles, including product development, valuation, and reinsurance. Mike was named Chief Actuary in 2022 and was promoted to Nassau’s leadership team in 2024.
Mike is a Fellow of the Society of Actuaries (FSA) and a Member of the American Academy of Actuaries (MAAA). He holds a bachelor’s degree in actuarial science from the University of Connecticut.
In his free time, Mike enjoys traveling, seeing live music, and spending time with his three kids.