Polo (Marco) targets ILS clients with Guernsey independent insurance manager launch

PoloWorks, an outsourced insurance service provider to the Lloyd’s and London Market and turnkey managing agency owned by expansive P&C group Marco Capital, has announced the launch of an independent insurance manager operation initially based in Guernsey, that will target insurance-linked securities (ILS) clients.

Polo Insurance Managers has received approval in principle from the Guernsey Financial Services Commission and aims to become one of only a handful of independent insurance managers in Europe.

The insurance manager will provide services to captive, commercial and insurance-linked securities (ILS) clients, Polo explained and has expansive ambitions, citing Guernsey as just the initial location it will be delivering services in.

Polo Insurance Managers intends to deliver its offering using best-in-class technology, data insights and a superior client service, while its executive team based in Guernsey are set to be supported by Polo Commercial Insurance Services, a servicing arm that employs 350 UK based insurance specialists.

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

Elliott had spent 16 years working at Heritage Insurance Management Limited which later became Artex Risk Solutions’ Guernsey operation.

After that, Elliott worked in the insurance-linked securities (ILS) world, spending time as a Director of ILS at Aon in Guernsey, then becoming Chief Executive Officer (CUO) of the two Credit Suisse ILS linked reinsurance companies, Humboldt Re and Kelvin Re.

Elliott was also announced last week as the CEO of newly formed Marco Re, a reinsurance platform formed out of the merger of Humboldt Re and Kelvin Re by their acquirer Marco Capital.

Commenting on the launch of Polo Insurance Managers, Elliott 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”.

Paul Andrews, Chief Executive Officer of PoloWorks, added, “As part of the PoloWorks business, PIM will be able to leverage substantial in-group expertise and modern technology to offer a market beating insurance manager proposition.”

Insurance management is an increasingly competitive space and one where service levels, technology platforms, experience and connectivity within the market are all differentiators.

Insurance managers are widely used in the insurance-linked securities (ILS) space, for activities from the management of structures for catastrophe bonds and collateralised reinsurance, to fronting and risk transformation, administration and other tasks. They play a key role in enabling capital markets capacity to be attached to risk and its returns to flow back to investors.

Guernsey is home to collateralised reinsurance business for a number of ILS fund managers, so Polo will be looking to tap into and grow this space on the island.