Barclays Wealth and Investment Management has appointed Simon Phillips as head of Captive Insurance. Phillips, who has 23 years’ experience in the captives market, will be tasked with expanding Barclays’ captive insurance proposition to reflect changes in the industry, the bank said.
He will also oversee development and expansion of the Barclays franchise into Guernsey, Isle of Man, Gibraltar, Malta, Bermuda, the Caribbean and certain states in the continental US.
“The insurance industry as a whole has faced significant challenges in recent years as a result of the global economic situation, which has given parent companies and captive managers much to consider,” Phillips said.
“However, the best captive parents and managers are using this as an opportunity to consider other options that could help them more efficiently manage their captive. Regulation in the captive insurance sector is likely to be the subject of ongoing change—and the main challenge will be to interpret and plan ahead for those changes.”