Tuesday, December 3, 2024

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Warranty Solutions Group forms Guernsey insurer

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

Strategic Risk Solutions (SRS) has assisted WSG with the formation of the insurer, which was registered on 30 September and holds a Category 2 licence.

WSG is a UK-based company providing extended used vehicle warranty products to customers.

The insurer will offer a selection of insurance-backed products, including mechanical breakdown Insurance.

WSG can now offer regulated and unregulated products to the whole market, including dealer groups, manufacturers, importers and corporate entities where a regulated contract is required.

“This marks a significant step forward for our business,” said CEO John Colinswood. “With WSG’s extensive expertise and exceptional growth, we’ve recognised the strong demand among both dealers and customers for fair-value insurance products that meet consumer protection expectations.

“The launch of our own insurance captive is a strategic move to futureproof our business, deepen our market presence, and pave the way for expansion into new markets.”

Products are being sold by Warranty Professionals Ltd, the regulated subsidiary brand of WSG, and will be available to dealers who are either directly registered with the FCA or are appointed representatives of an authorised principal company.

WSG Guardian Insurance is 100% owned by WSG, but run independently by a board of directors based in Guernsey.

“Our long-term relationship model is built on a steadfast commitment to client success,” said SRS Europe CEO Peter Child.

“Leveraging our extensive experience in the global captive insurance industry, we empower our clients to manage risk effectively and maximise cost-saving opportunities.”

“WSG will unlock significant opportunities with the launch of WSG Guardian Insurance, positioning it as the premier provider of regulated products in the motor industry.”