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Fronting insurer has no assets

A fronting insurer located on Grand Cayman?s main street has been found to be a hoax. The insurer, Charade Re, which is not registered with the island?s insurance authorities, was revealed as a hoax by rating agency executive Bob Simple. ?I was walking past Charade Re?s office when I noticed that the front of the building was moving slightly in the breeze. When I looked into the window I realised that there was no glass and that the window had been painted onto hardboard as had the ?staff? working in the offices. The whole edifice was like one of those film sets. I looked behind and could see no assets whatsoever.? Simple said that his agency would be putting Charade Re on credit watch with immediate effect. Cont p436