Guernsey's position as a leading centre for Insurance Linked
Securities (ILS) transactions was underlined at a thought
leadership event in London.
Hosted by Guernsey Finance, 'ILS Insight London'
attracted more than 140 delegates and featured two panel sessions
with ILS experts from Guernsey, the UK and mainland Europe sharing
their expertise and insights into this fast developing asset
Dominic Wheatley, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry, said the
event was particularly timely as it coincided with the announcement
by George Osborne, the UK Chancellor, that the UK was committed to
developing its own ILS regime.
"I believe the event demonstrated how Guernsey has
established itself as a major destination for ILS business and that
what sets it apart from other jurisdictions is its ability to
innovate and to develop the technology that underpins the sector,
rather than simply going after a large volume of transactions.
Guernsey can boast a diverse range of transactions and risks across
its ILS sector, including the reinsurance of satellites, lottery
risk, football clubs and players and marine reinsurance. The
Island's focus does not just revolve around traditional
catastrophe risks," said Mr Wheatley.
"The fact that the UK has expressed an interest in ILS
shows just how attractive the market is and we will watch those
developments closely. What Guernsey has to its advantage is its
long-established record in the industry and proven track record of
constantly evolving and innovating its offering in response to
market demand and the international environment. Examples include
the introduction of the Guernsey-pioneered Protected Cell Companies
and Incorporated Cell Companies, which are commonly used for ILS
structuring, while the recent release of guidance notes on the formation and management of
insurance and reinsurance special purpose vehicles in Guernsey
has further reinforced our position in the sector."
The second panel session looked at Guernsey as an ILS
jurisdiction and its continued growth in collateralised
reinsurance, longevity risk and the use of cat bonds. Moderated by
Clive James of Kane, the panel consisted of Justin Wallen of
Robus; Stewart McLaughlin of Willis; John
Rowson of Aon;
Martin Bird of Aon Hewitt; and Ben Canagaretna of Barbican.
Elizabeth Westwood, Senior Relationship Manager at BNY Mellon,
was one of those in attendance at the British Museum who
appreciated the insight of the panellists.
"From a service provider's perspective, there was
discussion about transactions that we have been involved in or had
conversations about. Particularly interesting in the second panel
was the range of views. Everyone agreed there is a huge market but,
on the pension reviews transfer, a range of different solutions.
People had experienced the same thing from different
Mark Pring, Partner at Addleshaw Goddard, was similarly
impressed with the panel discussions.
"I came here to learn a lot more about the market. The
first panel was superb and answered the questions very effectively,
while the second panel was more technical. Very coherent, very
educational - an excellent forum and a good length," said Mr
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