Heritage Insurance Management, recently acquired by Artex Risk
Solutions - the captive management subsidiary of Arthur J.
Gallagher & Co. - has been selected by BT Pension Scheme (BTPS)
to provide insurance management services for the administration of
BTPS's newly established insurance company based in
BTPS has established the insurer - BTPS Insurance ICC Ltd - to
underwrite longevity arrangements which will protect the scheme
against costs associated with potential increases in life
BTPS has transferred longevity risk to the insurer, which has in
turn reinsured this longevity risk in the reinsurance market. By
using a wholly owned insurer, the scheme was able to access
capacity in the global insurance and reinsurance market
Additionally, Guernsey's Incorporated Cell Company (ICC)
legislation was utilised to establish the insurer which provided a
cost effective platform for the transaction combined with
flexibility for the scheme in relation to any future
Paul Eaton, New Business Director of Heritage Insurance
Management, said: "BTPS spent a considerable amount of time
planning for this transaction and part of the analysis involved the
consideration of where to establish the insurer.
"Guernsey was identified as the ideal jurisdiction having
both modern and well regarded insurance legislation combined with a
mature financial services infrastructure and a well reputed
business-focussed regulatory regime. The selection of the insurance
manager was another key decision and Heritage was able to provide
expertise, operational capability and willingness and ability to
work with BTPS in a bespoke fashion on this project."
Merise Wheatley, Director and Project Leader at Heritage
Insurance Management, for the establishment of the BTPS insurer,
added: "It has been a great experience to work on this
transaction which was ground breaking in terms of both size and
structure, but also made best use of Guernsey's strengths as a
captive domicile. I and the rest of the Heritage team are delighted
that this has been launched successfully to provide BTPS with long
term longevity risk protection."
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