A long-serving key figure within the Island Heritage Group has been appointed as the new chief executive officer, less than a year after Bermuda's Flagstone Re took a controlling stake in the Cayman Islands-based Caribbean insurer.

Gareth Macdonald has most recently been working as Island Heritage's chief operating officer. He has been with the George Town company for 12 years.

Welcoming his appointment to lead the Caribbean region insurance and insurance service specialist company, Mark Byrne, chairman of Flagstone and Island Heritage Holdings, said: "We are very pleased to have Garth as CEO.

"His industry experience and knowledge of Island Heritage will be extremely valuable as we continue to build and enhance the company."

Island Heritage Group was formed in 1996 in the Cayman Islands and is currently licensed to transact domestic insurance business in 16 Caribbean countries.

The company is a property insurance specialist and is rated by AM Best as A- "Excellent".