Guernsey

I have read with interest numerous articles discussing the possible Brexit Bonuses available to the UK. Principle among these bonuses is refining Solvency II regulation to better reflect the UK’s leading global (re)insurance industry.

Members of Pool Re, Great Britain’s terrorism reinsurance pool, have backed formal proposals from the Pool Re Board to change the current Pool Re scheme.

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.

Howden has ventured into the captive market with the acquisition of Guernsey-based ARM Group Holdings (ARM), the parent of Alternative Risk Management, an independent European insurance manager and a specialist in the formation and management of captives.

Guernsey licensed four new pure captives and protected cell company (PCC) in 2023, while eight pure captives surrendered their licences.

Strategic Risk Solutions has acquired captive and insurance manager Robus from the Ardonagh Group, subject to regulatory approval, strengthening its presence in Guernsey and adding Gibraltar to its list of domicile options.

As the popularity, complexity and sophistication of captives continues to increase, the importance of independent non-executive directors (iNEDs) is further emphasised.

The use of alternative risk financing methods such as self-insured retentions and captives to write professional indemnity increased in popularity as a result of the recent hard market.