Guernsey

The Trustee of the Merchant Navy Ratings Pension Fund (MNRPF) has used a Guernsey incorporated cell to facilitate a deal with MetLife concerning longevity risk in relation £450m of pensioner and dependant liabilities.

Warranty Solutions Group (WSG) has formed a new Guernsey-domiciled insurer, WSG Guardian Insurance Ltd.

Mark Owen is now managing director of Artex’s Guernsey office, having relocated to the jurisdiction last month after more than eight years in Bermuda.

Financial services company Alpha Growth PLC’s recent acquisition of Guernsey-based Jeometri Insurance Managers will provide the captive manager with “numerous opportunities” going forward, according to Darren Wadley, founder and executive director at Jeometri.

A growing number of companies in the mining, metals, oil and gas sectors are looking towards captive utilisation, particularly in the metals and mining middle market segment, with traditional carriers reducing capacity and increasing exclusions concerning climate risk.

While the Labour election victory on 4 July is expected to delay progress on the proposed United Kingdom captive legislation, local industry has not given hope of pushing the new framework through.

While the Lloyd’s Captive Syndicate proposition is mostly appealing to the largest, most sophisticated clients it provides an environment for insureds to future proof their risk financing strategies, according to William Thomas-Ferrand, international captive practice leader at Marsh Captive Solutions.

Paul Marquand is set to succeed Ian Drillot as head of the Guernsey office for Marsh Management Services, effective 1 July.