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Chartis UK creates new Captive Practice Group to respond to challenges in the sector Contact
22nd February 2010 Chartis Insurance UK Limited (Chartis UK) announced today the establishment of a Captive Practice Group, bringing together risk management, risk finance, underwriting, legal, accounting, tax and actuarial functions. The objective is to provide clients with the expertise to deal with current issues in the captive environment. Matthew Latham, Regional Head of Risk Finance, Major Accounts Practice who chairs the group, commented: “This is a challenging time for captives with a wide variety of issues which need careful consideration. 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.” “Other topics include 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.” Philippe Gouraud, Head of Major Accounts Practice added: “Our involvement with the captive market stretches back 65 years, and we are an acknowledged market leader in the field. By bringing together a broad team of experts, we can share insights and experience with our clients. We believe that this is another demonstration of the innovative thinking that Chartis UK delivers to its clients.” The Practice Group will comprise of representatives from the Risk Management team, which specialises in captive fronting and the issuance of multi-national policies, the Risk Finance team, which underwrites non-traditional captive reinsurance and loss portfolio transfers, the underwriting teams and captive experts in specialist functions such as legal, accounting, tax and actuarial. In addition Chartis Insurance Management Services in Dublin will have a representative in the practice Group bringing their valuable insight of the type of issues that concern their captive clients. Chartis UK manage all types of captive programmes for general insurance classes and handle over a billion dollars of captive premium per annum. [Download information sheet on the Chartis UK Captive Practice Group] About Chartis UK Limited Chartis Insurance UK Limited is one of the UK's largest general insurance companies. With offices throughout the country, we provide innovative products and services to more than half the country's top 1000 companies as well as many public and private sector organisations and millions of individuals. We are part of Chartis Inc., a world leading property-casualty and general insurance organisation with a 90-year history, serving more than 40 million clients in over 160 countries and jurisdictions. Chartis offers an extensive range of products and services, deep claims expertise and excellent financial strength. Chartis Insurance UK Limited is authorised and regulated by the Financial Services Authority (FSA number 202628). Registered in England: company number 1486260. Registered address: The Chartis Building, 58 Fenchurch Street, London, EC3M 4AB ###
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