01/03/2010
Chartis Insurance UK has announced the establishment of a Captive Practice Group, bringing together its risk management, risk finance, underwriting, legal, accounting, tax and actuarial functions.
“This is a challenging time for captives with a wide variety of issues which need careful consideration,” said Matthew Latham, regional head of Risk Finance, Major Accounts Practice at Chartis, who chairs the new practice group.
“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.”
Latham said the Practice Group will also address issues including 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,” he said.
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We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
Originally planned as an insurance and reinsurance directive, Solvency II has undoubtedly unnerved the captive insurance industry.
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