Insurance management services

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1 Insurance management services Global vision, local view

2 About us Heritage Insurance Management is the leading independent insurance manager in the European time zone. We are part of the Heritage Group, an independent management-owned specialist financial services organisation based in Guernsey. We specialise in the creation and management of insurance and alternative risk transfer solutions that deliver cost effective and sustainable advantages to our clients. Being independent allows our clients to have absolute faith and confidence in the impartiality of our advice and services - a highly prized quality in the world of corporate finance. Headquartered in Guernsey, with offices in Malta, Gibraltar and London, we employ a wide range of industry experts with a thorough understanding of their specialist markets. 1

3 Our services The scope of our services includes: Captive Management Protected Cell Companies (PCCs) Incorporated Cell Companies (ICCs) EU insurance companies: direct writing Underwriting management of companies and agencies Insurance / reinsurance back office support Insurance Linked Securities (ILS) / Insurance Loss Warranty (ILW) structures and other leading industry products as they are developed Run-off services Feasibility reviews Be it expert advice on the benefits of establishing a captive insurance company, the need to use a cell in one of our Protected Cell Companies, back office underwriting support or creating your own EU based insurer; we have the resources and the professionals to assist you. 2

4 Captive Insurance Management The conventional insurance market can at times be a cumbersome and inflexible risk management tool. The traditional risk transfer mechanism, is often susceptible to conflicts of interest between the needs of the policyholder wanting to derive value from their insurance and the needs of the insurance company to deliver value to its shareholders. Creating a captive insurance company provides a bona fide self-insurance mechanism, which can offer a superior alternative to traditional insurance products - for the whole or part of your insurance programme. Captive insurance can either be achieved by the creation of a wholly owned insurance subsidiary or by using a cell within a PCC protected cell company, which offers similar self-insurance facilities. Benefits include: Cost-effective risk transfer - where the traditional market is applying high rates, restricted cover, increased deductibles or limited capacity. Opportunities to retain underwriting profit - due to better than average loss performance or niche and profitable portfolios of insurance business. Insulation from the unpredictable swings of the insurance market cycle - often a key driver in forming a captive for our clients, many of whom have experienced this negative impact firsthand. Additional benefits - such as: direct access to the reinsurance market, positive cash flow, capital leverage, investment income, bespoke cover and low cost base. Typically, self-insurance is suitable for: large corporations and insurance buyers property owners lawyers accountants insurance intermediaries associations and buying groups high net worth individuals. 3

5 Protected Cell Companies (PCC) The PCC concept was pioneered in Guernsey in 1997 and has become the key low cost entry mechanism into the world of self-insurance. Cells are now an established part of the international financial framework, with a variety of applications ranging from insurance and special purpose vehicles to fund administration and wealth management. The structure allows smaller organisations to access the benefits of captive insurance without the need to establish and maintain their own licensed insurance company. What exactly are PCCs? They are a single legal entity comprising a core and a number of satellite cells. Both the cells and the core are legally separate from each other in terms of their assets and liabilities and can therefore be owned by independent organisations, whilst operating under the umbrella of the core company. What are the advantages of PCCs? They enjoy all the benefits of a captive company but with a reduced cost of entry as well as lower minimum capital requirements and management time. Because of this, PCC cells provide an ideal solution for organisations that: have a typical minimum annual premium spend of less than 250,000 possess significant uninsured risks would find it inefficient to operate its own captive insurance company Larger organisations and intermediaries have found it attractive to establish their own PCC, which they can then market to third parties or structure to ring fence areas of risk within their own businesses (e.g. different operating companies or joint ventures). Heritage Insurance Management ( HIM ) has the following in-house cell companies for use by our clients: Mannequin Insurance PCC Ltd Harlequin Insurance PCC Ltd (both domiciled in Guernsey) HIM also has access to - and an agreement to promote - Euroguard PCC domiciled in Gibraltar and Abbey PCC domiciled in Malta, with the ability to write EU business on an admitted basis. 4

6 EU insurance / reinsurance companies In recent years, the establishment of insurance companies to underwrite personal and commercial insurance products into the European market (under the EU Freedom of Services Directive) has become increasingly popular. This type of company appeals to organisations that already control large and profitable portfolios of insurance business but are looking to progress into risk participation. Establishing an EU insurer or reinsurer requires a significant capital commitment but the resulting opportunities and advantages tend to make this worthwhile. Some clients choose to establish EU domiciled captives in order to underwrite admitted EU cover for their own business, a joint venture or a related business. Our Malta and Gibraltar teams have extensive expertise in direct underwriting structures and they create and manage these types of companies for many of our clients. The owner can use their specialist knowledge to manage their business, including the ability to set pricing and coverage and to manage claims. These companies provide passporting into all EU domiciles and allow the owner the chance to share in profitable underwriting. 5

7 Underwriting management, run-off and back office support We offer a complete underwriting management solution for insurers and reinsurers, including the underwriting of specialist classes for companies or syndicates. We can provide total back office support or manage entire operations. HIM also has experience in the management of large insurers and reinsurers in run-off, with a proven track record for strong technical expertise in the handling of complex reinsurance programmes. This combined with effective debt recovery skills and the implementation of robust commutation strategies, ensures our client s reinsurance asset is maximised. Using advanced reporting software and specialist IT systems, our objective is to create an approach tailored to suit each client s needs. Our services include: underwriting technical support claims management ledger reconciliation back office systems reinsurance recovery bad debt recovery reserve accounting board reporting 6

8 Other services Insurance linked securities and insurance loss warranty structures In recent times, there has been an increased demand from the capital and insurance markets to create structures that allow investors to provide insurance capacity, without the need to establish an insurance company. These structures need to be flexible, as investors want the freedom to enter and withdraw from the market quickly and without high costs. Historically, a Special Purpose Vehicle (SPV) has been the chosen mechanism for transforming capital into risk. However, this has its drawbacks as each stand alone SPV requires considerable time and cost to set up and license. An alternative is to use a cell or segregated account in an established protected cell or segregated account company. Owners of the PCC have already done the hard work by incorporating the company and licensing it, which negates the need for individual company set up and speeds the time to market. Feasibility reviews Our objectives are to assist organisations to effectively assess their corporate risks and then ensure that they have the best possible insurance solutions. Incorporated Cell Companies In 2006 Guernsey introduced Incorporated Cell Companies (ICCs), which are similar to PCCs except that each cell is a separate legal entity with its own board of directors. As with PCCs the assets and liabilities of the ICC and each incorporated cell, are legally independent from each other. The notable difference between PCCs and ICCs is that incorporated cells within an ICC can trade with each other, whereas cells within a single PCC cannot. We start by undertaking a detailed review of their current program and loss history - where risks are large and complex, financial modelling is also undertaken. These reviews allow our team to identify the most appropriate structures for our clients and to pinpoint opportunities for reducing policy spend, enhancing coverage, building a bridge to other domiciles and/or bringing the management of exposures closer to home. 7

9 Our locations Guernsey Guernsey is a self-governing British Crown Dependency, which has complete autonomy with regard to its internal affairs, including taxation, company law and other commercial matters. Though not a member, it has a clearly defined relationship with the European Union. Situated conveniently close to the main European financial centres, and in particular the London insurance market, Guernsey is the fourth largest captive insurance centre in the world. Guernsey is an innovative and well-regulated jurisdiction in the top tier of international financial centres. The supportive regulatory infrastructure of the Guernsey Financial Services Commission continues to strengthen the Island s position as a premier offshore financial market. Malta Malta is an independent state in the Mediterranean that enjoys political, economic and social stability. It combines the advantage of being a full EU member with a progressive legal and regulatory regime. The Island has a highly trained workforce, strong administrative and communications infrastructures and some unique fiscal advantages. Malta provides an efficient environment for financial services companies and its comparatively low operating costs make it an attractive jurisdiction for business. 8

10 Gibraltar A member of the European Union and a stable and prosperous British Overseas Territory, Gibraltar has a strong standing in the international finance industry. It has a thriving insurance sector and developed the first onshore PCC legislation in The introduction of regulations allowing insurance companies from other jurisdictions to migrate to Gibraltar has created many more opportunities for clients. With a well-educated workforce, competitive tax regime, sophisticated infrastructure and some unique fiscal advantages, Gibraltar is an ideal location from which to provide international insurance services. 9

11 Heritage Group The Heritage Group is a leading independent provider of specialist insurance and financial services to corporate and private clients across the globe. Our group structure enables us to implement strategies that bring together the specialist business areas that best serve the needs of our clients. Independence from any broker or other financial institution enables us to meet their objectives swiftly and free from conflicts of interest. Group services include: Captive and insurance company management Fund administration Underwriting agency for companies and syndicates Company and trust administration Stock exchange listing management Aviation and marine administration High net worth, pensions and insurance Offshore and corporate insurance 10

12 Guernsey (Head Office) Heritage Hall PO Box 225 Le Marchant Street St Peter Port Guernsey GY1 4HY Malta Block A, Ground Floor Aviation Park Civil Aviation Avenue Luqa Malta LQA 9023 Gibraltar 945 Europort PO Box 1190 Gibraltar London 1 Cornhill London EC3V 3ND +44 (0) (0) Heritage Insurance Management Limited is licensed by the Guernsey Financial Services Commission. Company Registration Number: Where appropriate, other companies are licensed by the Gibraltar Financial Services Commission, the Financial Services Authority and the Malta Financial Services Authority.

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