Davies has launched a new captive management facility in Guernsey following regulatory approval from the Guernsey Financial Services Commission.
The Guernsey operation complements Davies’ established captive management operations in Bermuda and the US, following its acquisition of Citadel Risk in June 2020. The addition of Citadel added scale and reach to its established captive management services, Davies said.
In December 2020, Davies also completed the acquisition of Wakely Actuarial, a specialist actuary and consulting business based in Florida.
Davies Management Services (Guernsey) will deliver a full captive management capability including feasibility studies, incorporation services, programme structure advice and exit solutions. The captive management operation sits within the insurance services division, of which Steven Crabb is chief executive officer.
In addition to captive management, insurance services provides incubation solutions, delegated authority administration, legacy management, credit control and audit, to insurers, reinsurers, MGAs and brokers across the global insurance market.
Globally, Davies has more than 4,000 colleagues, with operating centres across the UK, Ireland, Bermuda, the US and Canada.
Nick Frost, president of Davies Captive Management, said Davies was keen to deepen and broaden its capabilities to ensure it remains relevant and valuable to its clients.
“Guernsey is Europe’s leading captive centre, with a robust regulatory environment, and is benefitting from the rising demand for captives,” he added.
Davies Captive Management, Davies Management Services Guernsey, Steven Crabb, Nick Frost