Two practitioners from Guernsey's finance industry stirred
up significant interest in the Island's captive insurance
sector when they presented at the British Insurance Brokers'
Association (BIBA) annual conference last week.
Mike Johns, Chief Underwriting Officer at Alternative Risk
Management (ARM), and Paul Eaton, Director of New Business at
Heritage Insurance Management, attracted more than 60 delegates to
their fringe session on captive insurance during day one of the
conference held in Manchester.
The presentation looked at the potential benefits of captive
insurance for brokers and their clients who are small to medium
sized enterprises (SMEs) and the merits of using Guernsey for this
business. It prompted an extended question and answer session and
also resulted in a number of follow-up inquiries.
Mr Johns said: "We are delighted with the way the session
worked and the positive comments received from many of the
attending delegates immediately afterwards. The session generated
significant interest in both the captive concept and for Guernsey
as a Captive domicile."
The presentation was titled 'What you need to know about
captives' and content included: cutting through the jargon
– the basic essentials that all brokers should know about
captives; what captives are used for, the benefits, what to look
for, and why brokers shouldn't be reluctant to suggest this to
their clients; why brokers are setting up their own captives; and
the merits of basing a captive in Guernsey – the leading
captive insurance domicile in Europe.
The session focused on the fact that captive insurance has been
the preserve of large multinationals but this is no longer the
case. It went to explain that Guernsey pioneered the cell company
concept in 1997 as a way for the Island's insurance sector to
be able to pass on the benefits of captive insurance to a wider
pool of companies, including SMEs. Mr Johns and Mr Eaton told the
audience that the use of Protected Cell Companies (PCCs) and
Incorporated Cell Companies (ICCs) has proved extremely popular in
the insurance sector but there are still many brokers who are
unaware or unsure of the potential advantages for them and their
The presentation was facilitated by Guernsey Finance, the
promotional agency for the Island's finance industry
internationally. Guernsey Finance has exhibited at the conference
for the last few years but this time decided to take a different
approach and instead sponsored a speaking session.
Fiona Le Poidevin, Deputy Chief Executive at Guernsey Finance
who attended BIBA as a delegate, said: "We are very pleased
that this session generated so much interest in Guernsey's
captive insurance sector. The strong turnout demonstrates the
enthusiasm among brokers to learn more about captive insurance and
Mike and Paul certainly delivered in terms of content. The
presentation was pitched at a wide range of brokers, from those
with no or little knowledge of captive insurance right through to
those already very well informed. It clearly demonstrated the
Island's professionalism and expertise and the extent of the
follow-up questions shows that they had engaged the audience and
generated significant interest in the issues."
Both ARM and Heritage were also exhibiting at the conference in
their own right.
Mr Eaton said: "We have been exhibiting at BIBA for several
years now but we also like to support any of the Guernsey Finance
initiatives at the conference. We saw a number of inquiries as a
result of the presentation and we also saw significant interest at
our own stand in what Guernsey's captive insurance sector can
offer brokers and their clients."
BIBA 2011 was held on Wednesday 11 and Thursday 12 May at
Manchester Central Convention Complex with around 4,000 delegates
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