Wednesday, July 24, 2024

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PoloWorks, PwC UK joint venture to focus on captive solutions

PoloWorks, which launched a new independent captive manager in Guernsey last month, has announced a joint venture with PwC UK – PoloPartners – with an initial focus on captive solutions.

Captive Intelligence reported in February Mark Elliott would lead Polo Insurance Managers (PIM) in Guernsey, with the new firm keen to leverage its existing insurance services infrastructure in the London Market, Lloyd’s and its legacy business Marco Capital.

PoloPartners has been launched to provide a “bespoke, tech enabled, differentiated offering” for insurance clients, with the two firms stating captive solutions for corporate clients will be “an early focus”.

PoloPartners is particularly interested in captive developments at Lloyd’s of London, where it already owns a managing agency.

“PoloPartners epitomises our commitment to innovation and client-centric solutions, leveraging cutting-edge technology and industry expertise,” Richard Lawson, CEO of Polo Commercial Insurance Services (PCIS), said.

“The seamless combination of PoloWorks’ and Marco’s regulated platforms and service resources with PwC’s insurance practice which brings scale, market insight and a reputation for quality and technological innovation to the partnership, provides PoloPartners with an unparalleled customer proposition – adding value to the insurance market.”

The partnership will provide a “tech-enabled end to end insurance management service”, including services such as  actuarial, claims management, risk and compliance and finance.

Alex Bertolotti, head of insurance at PwC UK, said: “This partnership is an exciting opportunity for us to create value for our clients in a new way and is fully aligned with our strategy to work with insurance businesses to help solve challenges, build trust, unlock value and transform.

“We are particularly excited to be working with PoloWorks on this journey, who are a respected and growing player with a strong track record.”