KPMG LLC and KPMG Audit LLC provide audit, tax and advisory services to the captive insurance industry on the Isle of Man. Our experienced insurance team work closely with the industry and regulators and sit on the Executive Committee of the Isle of Man Captive Association.
We believe that in establishing a captive insurer on the Isle of Man, a company requires local advisors who understand the captive insurance sector, have the ability to remain up to date with developments and who have a deep understanding of the regulatory environment. We believe passionately that KPMG in the Isle of Man meets all of those requirements.
KPMG has the largest dedicated insurance practice among the Big Four companies on the Island and is the only firm represented on the Executive and Strategy Committee of the Isle of Man Captive Association. In 2013, we have been instrumental in assisting the Association to deliver technical updates to its members encompassing accounting, tax, VAT and regulatory matters. We also regularly provide updates for the non-executive director grouping on the Island, a number of whom act as non-executive directors for captive insurers.
The insurance practice is led by Simon Nicholas who has many years of experience in the captive insurance industry both in the Isle of Man, Bermuda and London. Simon assists our clients in undertaking feasibility studies in relation to the establishment of a captive on the Island and has been significantly involved in a recent project to establish a captive on the Island for a UK company. This assistance has included facilitating meetings with the insurance regulator as well as potential captive managers and providing regular input to the executive team in relation to key strategic matters.
Elaine McCormack provides our clients with assistance in relation to regulatory matters. Elaine assists Simon in undertaking feasibility studies and also provides detailed guidance and assistance in relation to the licence application process. KPMG Isle of Man prides itself on its unique position of having a dedicated Regulatory Compliance advisory team where the staff have previous industry experience of compliance roles. Elaine leads this team is well known in the financial services sector for providing compliance assistance.
Within our Tax practice, David Parsons specialise in captive insurance related matters such as tax efficient structuring and VAT efficiencies.
KPMG Isle of Man is part of KPMG’s Offshore Group. This Group encompasses several of the other jurisdictions which specialise in captive insurance such as Guernsey and Bermuda. This means that our team have ready access to captive insurance expertise in other jurisdictions which may be relevant to our clients and which are often included in feasibility studies that we undertake.
Simon leads our local insurance practice with a focus on both audit and advisory engagements advising the life, non-life and captive reinsurance markets. His experience includes external audit, internal audit, operational reviews, feasibility studies, business plan/strategy advisory, transaction services, reviews of internal controls and processes, reviews of reinsurance treaties, working on catastrophe bond structures and other alternative risk transfer instruments and structured vehicles. Simon sits on the local insurance focus group, the Isle of Man Captive Association – both on the executive committee and the marketing and strategy sub-committee. Simon is also an active member of the Manx Insurance Association and the Association of International Life Offices (AILO).
David is an Associate Director in our Tax practice and leads our tax work in the insurance area. David has over 17 years experience in the Isle of Man, UK and international taxation with a particular focus on corporate clients with international operations, including captive insurers. David sits on a number of working parties with Government on tax matters and is a committee member of the Isle of Man branch of The Chartered Institute of Taxation.