Guernsey: Seminar To Show Guernsey’s Latest Reinsurance Advantage
Last Updated: 6 May 2009

A London audience is set to hear from a panel of Guernsey and UK experts about the opportunities that exist in the Island to establish a reinsurance vehicle which can deliver superior return on capital deployed.

The seminar is titled ‘Reinsurance – Location, Location, Location: Maximising Return on Capital through Choice of Domicile’ and is being held on the afternoon of Tuesday 19 May at the Willis Building in Lime Street.

"Towards the end of last year we held a similar event in London outlining the benefits of establishing a reinsurance operation in Guernsey, particularly if you were looking to access European capital markets," said Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry.

"The coming seminar is a logical next step that will be of interest to key decision makers, such as chief executives and chief financial officers of insurance and reinsurance companies, no matter whether they attended the previous briefing or not. It will cover some of the key ground again but it will primarily focus on some very important updates which increase the attractiveness of using the Island and particularly the potential return on capital."

Guest speaker will be David Reeves, CEO of Barbican Insurance Group, which last year established an operation in the Island. Barbican Reinsurance Company Limited became the first major commercial reinsurer in the domicile and will be writing a combination of Group and third party reinsurances.

The other expert speakers will be: Tony Mancini, Executive Director for Tax at KPMG; Nick Wild, Executive Chairman (Ex Americas) at JLT Insurance Management; and Christopher Anderson, Partner at Bedell Cristin.

They will examine the key attractions of establishing a reinsurance operation in Guernsey. Since Guernsey is outside the EU, the regulatory regime is not bound by EU directives or Solvency II requirements. As a result it is able to operate flexible capital requirements that, whilst following international standards, can be tailored to the specific nature of the business. The speakers will also cover the attractions of the speed to market and the availability of resources on Island to support such businesses.

Mr Wild said: "There are new sources of capital coming to the reinsurance market. This investor community is keen to access insurance linked investment opportunities and their capital is being deployed very quickly, often to write specific risks for a relatively short duration. This offers diversification into an uncorrelated risk landscape where the returns can be significant although the risk of losses should also be considered.

"What we can see is that while Guernsey is experiencing increasing levels of interest from organisations in this area many European based organisations are not aware that they can conduct this business in a location which is so close to home. This seminar is aimed at spreading the message and showcasing the advantages of establishing and operating a reinsurance vehicle in the Island, including ensuring that the return on capital deployed is maximised."

The seminar takes place from 4pm on Tuesday 19 May at The Willis Building, 51 Lime Street, London, EC3M 7DQ. Contact Jennifer Baudains by email or call 01481 709763 for further details or to reserve your place.

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