Aon Risk Solutions recently hosted its annual Guernsey Captive and Insurance Master Class at Lloyd’s, attended by over 100 executives.
Highlighting the growing trend for using captives by today’s global business organisations, the event explored the evolving insurance market. Data from Aon’s recent Global Risk Management Survey has highlighted a growth in using an active captive or Protected Cell Company (PCC) up to 18 percent from 15 percent in 2013. Continued growth is expected as the need for alternative risk financing solutions is growing exponentially.
Peter Mullen, CEO, Aon Captive and Insurance Management said, “There are a number of reasons for having a captive however as risks become more complex and interconnected, we see captives being used in much more strategic ways, rather than being driven purely by cost efficiencies”.
Paul Sykes, Managing Director, Aon Insurance Managers (Guernsey) Limited said, “We are encouraged by the continued interest in the Aon Guernsey Master Class and are delighted to have held the event at Lloyd’s for the second year running. Guernsey continues to be a destination of choice for captive management, insurance linked securities and now commercial reinsurance. It was identified at last year’s Master Class that Guernsey is an attractive destination for global capital. One year on it is clear from the work we are doing with the rating agencies for clients that capital is being directed towards rated reinsurance for both captives and commercial reinsurance startups.”
Other keynote speakers at the event included Fabrice Montagné, Chief UK economist at Barclays who
provided some key insight from an investment managers perspective and said of the event, “I was pleased to be asked to present an economic update at the recent Aon Guernsey Master Class held in the Lloyd’s building in London. Reviewing the global economic outlook with a focus on the euro area, the UK and the outcome of the recent UK General Election was hopefully an interesting and helpful exercise for delegates. I believe the audience had an informative day at the event.”