23 Feb 2024

New independent captive manager launched in Guernsey

A new insurance management proposition has been launched in Guernsey, set to support captive, commercial, and insurance-linked securities (ILS) clients. 

Polo Insurance Managers, backed by turnkey managing agency PoloWorks, has received ‘approval in principle’ from the Guernsey Financial Services Commission (GFSC). 

The manager hopes to transform the insurance landscape as an independent insurance manager in Europe, using technology, data insights and client service to do so. 

Initially based in Guernsey, Europe’s largest captive insurance domicile, the core executive team will be supported by Polo Commercial Insurance Services, which employs 350 UK-based insurance specialists. 

Guernsey-based reinsurance and ILS executive Mark Elliott has been announced as Chief Executive Officer of Polo Insurance Managers. 

He said: “We see a tremendous opportunity as a truly independent insurance manager to offer our existing and future clients with a comprehensive and bespoke insurance management service.” 

The announcement comes at the same time as Marco Capital rebrands its recently merged Guernsey subsidiaries, Humboldt Re and Kelvin Re, to Marco Re. The two companies were originally formed and managed under Credit Suisse ILS, with the merger of Kelvin Re into Humboldt Re being approved by the Guernsey Financial Services Commission in December 2023.  

Mark Elliott leads the management of the reinsurance platform and said: “We are delighted to have efficiently brought together two ‘sister’ reinsurance companies in run-off and are excited that Marco Re offers its clients competitive reinsurance solutions for international P&C Legacy situations.” 

Rupert Pleasant, Guernsey Finance Chief Executive said this adds to Guernsey’s value proposition as a global leader in insurance: “With 100 years of captive experience already under our belt, Guernsey’s offering continues to grow year on year. This why we remain Europe’s number one domicile for captive insurance.”