Caledonian Insurance Services has been appointed to manage the new segregated portfolio company (SPC) set up by financial services provider Concordis Group.

At the same time Concordis Group confirmed it had received final approval from the Cayman Island Monetary Authority (CIMA) to operate as an ‘alternative risk management insurance company’ through new subsidiary Concordis Insurance SPC.

Trent Sommerville, chairman and CEO of Concordis Group said: “While the process has been time consuming and taken longer than we had planned, it has been well worth our efforts to make sure everything was done properly and according to the regulations required by CIMA.”

Conor Jennings, managing director of Caledonian Insurance Services said “We are excited to be working with Trent Sommerville and his team of professionals at Concordis Group.”

He confirmed that four new cell participants, including a hospital group, are “already in the pipeline” and should be ready for submission to CIMA within the next few months.

Jennings added that the cells within the SPC would be writing all lines of general insurance business, but would only be available to Concordis contacts with “excellent claims experience, a proven tried and tested risk management process in place and a willingness to accept risk”.

“We see Concordis Insurance SPC as playing an important role in helping its cell participants achieve their ERM goals,” said Jennings

Concordis Group is a diversified holding company that provides investment brokerage services and business insurance products through wholly owned subsidiaries Puritan Securities and the new Concordis Insurance SPC.