Mutual Risk Management Limited (MRM) announces a new partnership with Wilde & Co Group in Guernsey. This joint venture between MRM and Wilde & Co Group provides for a new Guernsey branch operation for Mutual Indemnity (Bermuda) Limited (MIL) and a new captive management operation, Mutual Risk Management (Guernsey) Ltd (MRM (Guernsey)).
MIL, an alternative market provider and subsidiary of MRM has been granted registration under the Insurance Business (Guernsey) Law 1986. In addition to the traditional captive management operations, MRM (Guernsey) will handle the promotion and administration of MIL's branch operation.
MRM was listed on the New York Stock Exchange in June 1991 and trades under the symbol "MM". The Company is a world leader in providing risk management services to clients seeking an alternative to traditional commercial insurance. The alternative market which includes both self insurance and captive insurance programmes is one of the fastest growing segments of the insurance industry. Apart from its operations in the US and Bermuda it has offices in Barbados, Cayman, Dublin, London and Vermont.
MIL will offer its facilities to clients of brokers, agents and corporate risk managers. Its programmes are designed to return underwriting profits and investment income to its clients who are also insureds. Its advantages over the traditional captive approach are that it is generally less costly to operate, needs no capital and minimises the time and effort required from the parent company in dealings with company affairs.
Wilde & Co Insurance Managers Limited, part of independent Guernsey fiduciaries Wilde & Co Group will manage MRM (Guernsey) as well as assist in the overall marketing activity.
Simon Scupham who is responsible for the global captive operations of MRM believes "Guernsey is one of the world's larger and faster growing captive insurance centres. It has an excellent infrastructure and is well regulated. Guernsey is popular with clients in the U.K. and to a lesser extent other countries within Europe. We are very pleased to be working with Wilde & Co. Insurance Managers in this important group development".
Charles Scott, Director of Wilde & Co Insurance Managers is delighted to have been chosen by MRM as their partner in Guernsey and looks forward to a long and mutually beneficial business relationship. Wilde & Co Chairman, Alan Wilde, believes this successful venture comes from the flexibility offered by independence plus a proactive view on the development of insurance needs.
Steve Butterworth, the Superintendent of Insurance in Guernsey welcomes the development and says "MRM are very well known to me from their operations in Bermuda and the Cayman Islands. Their programmes appear to be well structured and their arrival can only benefit the Guernsey insurance market. They arrive at a time when protected cell legislation is being put into place which specifically facilitates rent-a-captive operations in Guernsey."
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