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Chartis UK Creates New Captive Practice Group to Respond to Challenges in the Sector

Source: Chartis

Posted on 26 Feb 2010

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Chartis Insurance UK Limited announced today the establishment of a Captive Practice Group, bringing together risk management, risk finance, underwriting, legal, accounting, tax and actuarial functions. The objective is to provide clients with the expertise to deal with current issues in the captive environment.

Matthew Latham, Regional Head of Risk Finance, Major Accounts Practice who chairs the group, commented: "This is a challenging time for captives with a wide variety of issues which need careful consideration. Solvency II is probably at the head of the list, as it is likely to impact the capital requirements for captives – depending on their jurisdiction. With the implementation still some way off, the Practice Group will take a lead in debating the questions that this raises and will discuss with clients some of the potential solutions.”

“Other topics include the viability of alternative forms of collateralisation and solutions required by captives that want to restructure or sell off their long-tail liabilities. Many of these subjects are inter- related and our key objective is to provide our clients with a single point of contact for these, and any other captive-related, issues.”

Philippe Gouraud, Head of Major Accounts Practice added: “Our involvement with the captive market stretches back 65 years, and we are an acknowledged market leader in the field. By bringing together a broad team of experts, we can share insights and experience with our clients. We believe that this is another demonstration of the innovative thinking that Chartis UK delivers to its clients.”

The Practice Group will comprise of representatives from the Risk Management team, which specializes in captive fronting and the issuance of multi-national policies, the Risk Finance team, which underwrites non-traditional captive reinsurance and loss portfolio transfers, the underwriting teams and captive experts in specialist functions such as legal, accounting, tax and actuarial. In addition Chartis Insurance Management Services in Dublin will have a representative in the practice Group bringing their valuable insight of the type of issues that concern their captive clients.

In the UK Chartis manage all types of captive programmes for general insurance classes and handle over a billion dollars of captive premium per annum.