Guernsey-based Jeometri Insurance Managers is proud of the recent non-admitted insurers it has assisted in established in the domicile to write business such as dental and travel coverage.
The independent manager was acquitted by Alpha Growth PLC in September 2024 and manages protected cell companies (PCCs) and general insurers in Guernsey.
Speaking on the latest episode of the Global Captive Podcast Jeometri’s Darren Wadley, founder and executive director, and Aaron Slattery, client services director, discuss the recent non-admitted insurer it helped establish and is now managing.
The insurer was set up for a specialist broker providing UK insureds with dental cover and travel coverage for insolvencies as a result of a particular event.
“It’s a very niche book of business, so you’re reliant upon a concentrated type of insurance market and a lot of these markets might not be in the UK, so they’re overseas insurers,” said Slattery.
“They really want the consistency and quality of underwriting, and they want certainty that going forward, they’re not going to write a book one year and then the market pulls out and they have got nowhere to go and they lose all their customers.
“There were people involved in this that have got years and years of experience, realised how well these books run; the loss ratios are incredibly healthy. There’s no real aggregated exposure.
“When they were looking at this, they thought we could have a bit more skin in the game, and capture a little bit of that profit, but ensure as well that we are assisting our customers and keeping continuity of business for them.”
The insurer, which is not regulated as a captive by the Guernsey Financial Services Commission, was licensed in November 2024.
”This is an area that we’re particularly proud of,” said Wadley. “It’s an area that we’re particularly skilled in. We’ve been doing retail non-admitted insurers pretty much since Jeometri began.
“It plays to our strengths. We have a lot of skills in this area, certainly within our senior management team, to help people take these from an idea to fruition.
“That’s exactly what we’ve done in this case – from funding, implementation of systems, making sure all the legal and regulatory tick boxes are checked. All the way through to helping them find reinsurance. We’re very proud of that, and something we enjoy doing as well.”