The continued expansion of SRS Europe has reached Switzerland with the first of three new hires in the country beginning work for the independent captive manager.
Twenty-eight captives are currently domiciled in Switzerland, including entities owned by Rio Tinto, Shell and Nestle. Self-management is common in Switzerland, but Aon is the dominant captive manager in the jurisdiction.
GCP Insights understands SRS’ Guernsey operations are set to move up a gear in the coming months with a captive management licence, the formation of a PCC and new hires on the horizon.
The independent captive manager has also ramped up formation activity in Malta, including the formation of a protected cell for Griffin, a professional indemnity mutual providing cover for intermediaries and MGAs. The establishment of a cell within Atlas Insurance PCC will enable Griffin to issue pan-European policies post Brexit.
A single parent application for a Spanish agricultural business is also pending in Malta.