Guernsey: Joint Venture Launches New Guernsey Innovation
Last Updated: 29 November 2012

Princeps, the joint venture behind Guernsey's new innovation, the Risk Purpose Trust, launched their product at a Central London location earlier this month.

The seminar gave attendees an insight into the development and strengths of the RPT product and an opportunity to question both the individuals behind it, and a panel of industry experts.

The industry panel, made up of Jonathan Moore, Risk Manager, Marston's PLC; James Quarmby, Partner, Thomas Egger LLP; and Alan Fleming, Captive Specialist, AIRMIC and ex Guernsey insurance regulator, provided their personal and professional view points on the RPT, before being questioned by the delegates in a lengthy and in depth Q & A session.

The event was attended by a cross section of professionals, with representations from the Insurance Management, Tax, Legal and Regulatory industries as well as various prospective RPT users. The seminar saw a rigorous, no holds barred investigation and debate into the strengths and weaknesses of the RPT outlining where this new concept will fit into formal risk management.

Chris Le Conte CEO of the Robus Group, one of the individuals behind the RPT, and a Director of Princeps Ltd, said: "The RPT seminar was really very well received. Having James (Quarmby) present and able to confirm the legal and taxation position really left many who had doubts about the RPT satisfied with the product as the natural progression from current Risk Management processes.

"James stated his opinion that Trusts are far better placed to deal with risk management than companies. This is a belief that has been behind the development of the Risk Purpose Trust, and this endorsement is invaluable. What Alan (Fleming) and Jonathan (Moore) brought to the discussion were honest and considered arguments as to the position the RPT could potentially take alongside Captive Insurance.

"Neither saw a trust arrangement as a replacement for external insurance but both agreed that for elements of risk funding within a group or mutual arrangement the solution had strong merits. With the expertise of our joint venture partners Marlborough Trust in Ben Tustin, it became clear that the scope of uses of the RPT far exceeds those which perhaps were originally considered."

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