Polo Insurance Managers formed in Guernsey
PoloWorks, a Lloyd’s and London Market insurance services business, has launched Polo Insurance Managers (PIM) after the Guernsey Financial Services Commission granted ‘approval in principle’.
According to PoloWorks, PIM will be one of the few independent insurance managers active in Europe and will serve captive, commercial and ILS clients using best in class technology, data insights and superior client service. Initially based in Guernsey, PIM’s core executive team will be supported by Polo Commercial Insurance Services which employs 350 UK based insurance specialists.
Mark Elliott, who has been announced as chief executive of PIM, 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 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.”
Elliott was also announced last week as CEO of legacy carrier Marco Re, which has been created through the merger of Marco Capital’s Guernsey subsidiaries Humboldt Re and Kelvin Re, both of which are in run-off.
Marco Re, now the largest carrier in the Marco Capital Group, has substantial financial strength and benefits from economies of scale derived from its merger, as its two component carriers had very similar books of business.
The company said the two companies were originally formed and managed under Credit Suisse ILS.
The merger of Kelvin Re into Humboldt Re was approved by the Guernsey Financial Services Commission in December 2023. Elliott leads the management of Marco Re and is supported by a senior team in Guernsey and Marco’s specialist insurance services company Polo Commercial Insurance Services (PCIS).
Elliott said: “We are delighted to have efficiently brought together two ‘sister’ reinsurance companies in run-off and are excited that Marco Re offers its clients competitive reinsurance solutions for international P&C Legacy situations”.
Simon Minshall, Marco Capital Group CEO, commented: “Marco Re has a substantial capital base, which can be supplemented for Legacy transactions as required, and is managed conservatively benefitting from internal economies of scale derived from its recent merger and services provided by PCIS. Marco Re is a powerful tool available to our clients seeking international P&C Legacy solutions”.