Global investors are continuing to shift their attention towards
alternative asset classes such as insurance linked securities
(ILS), according to the third annual Guernsey-hosted ILS
The event, 'ILS Insight', which was held in Zurich,
attracted more than 100 delegates from across the insurance, asset
management, wealth management and adviser communities and featured
major figures discussing the key issues of the day. Guernsey
Finance Chief Executive Dominic Wheatley said the event had been a
tremendous success and offered a terrific insight into the fast
developing asset class.
"As our speakers and panellists said, the UK's move to
develop its own market offering in the ILS space, is clear evidence
of the growing importance of the sector. Investors are clearly
attracted to this type of asset class because of its low
correlation with the broader financial markets and that shows no
signs of slowing down," said Mr Wheatley.
"The attendance at this event also demonstrated the large
and growing interest in ILS, particularly at a time when there is
so much turbulence in traditional investment markets. For Guernsey
to be seen as a thought leader in this regard and to be able to
attract more than 100 people to a well-received event in
Switzerland was extremely encouraging."
Guernsey has become a leading destination for ILS structures in
recent years. Recently released figures for 2015 show that Guernsey
licensed 66 new international insurers during the year, with nearly
40% of the licenced structures relating to ILS.
The 2016 event, held at the Park Hyatt Zurich, consisted of two
panel sessions featuring ILS experts from Guernsey, the UK and
mainland Europe and a keynote speech from Dirk Lohmann, Chairman
and Managing Partner of Secquaero Advisers AG. It was the second
time that the event had taken place in Zurich, having moved to
London last year.
The first panel session focused on the rise of ILS and examined
current themes in the market, the appetite for ILS among investors,
rated reinsurers and the impact of Solvency II. Moderated by Chris
Anderson of Carey Olsen, the session featured Des Potter of Guy
Carpenter, Martin Membery of Sidley Austin, Neil Strong of Securis
Investment Partners and Simon Vuille of Lombard Odier.
The second panel session looked at the servicing of ILS funds
and considered open-ended and closed-ended structures, options for
administration of funds, choice of domicile, benefits of stock
exchange listings and the use of delegation agreements for pricing
of ILS contracts. Moderated by Fiona Le Poidevin of the Channel
Islands Securities Exchange (CISE), the session featured Joe
Truelove of Carey Group, John Marren of Northern Trust, Stephen
Foster of Credit Suisse Asset Management (London) and David Moore
of Collas Crill.
Mr Wheatley said: "The success of the ILS Insight event
reflects Guernsey's growing prominence as an ILS centre. We now
look forward to meeting many of the same people to our Les
Rendez-Vous de Septembre reception in Monte Carlo on 13 September
and to the Guernsey Insurance Forum on 21 September in
The event, which took place on Thursday 7 July, was supported by
event sponsors Aon, Artex, Carey Olsen and the CISE.
Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
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