Insurance services provider PoloWorks has announced the launch of Polo Insurance Managers (PIM) in Guernsey in a bid to fill the gap left by recent consolidation in the captive management market.
PIM has received ‘approval in principle’ from the Guernsey Financial Services Commission (GFSC) and will be supported by Polo Commercial Insurance Services which employs 350 UK based insurance specialists.
Mark Elliott, an experienced ILS and captive manager who is also CEO of new legacy insurer Marco Re, has been announced as CEO of PIM.
Elliott said: “We see a tremendous opportunity as a truly independent insurance manager to offer our existing and future clients with a comprehensive and bespoke insurance management service”.
Captive Intelligence reported in January that Strategic Risk Solutions had agreed to buy Robus from Adonagh Group, while we understand two of the remaining independent insurance managers in Guernsey are in advanced discussions with proposed acquisition partners.
PIM said its aim is to provide existing and prospective captive owners with “an unparalleled level of personalised and comprehensive service, tailored to meet their unique insurance needs”.
Paul Andrews, CEO of PoloWorks, said: “As part of the PoloWorks business, PIM will be able to leverage substantial in-group expertise and modern technology to offer a market beating insurance manager proposition.”