We Are Guernsey prepares for ILS webinar
We Are Guernsey will host its 2021 ILS Insight webinar, The Origin of Innovation, on July 13.
The webinar will discuss a range of subjects related to the ILS industry, including Paratus Group’s parametric fuel price insurer and Replexus’ catastrophe bond covering pure volcanic eruption.
Paratus Maritime Insurance (PMI) was launched to create price certainty, allowing policy holders to manage volatility while complying with new rules to limit sulphur in fuel oil on ships and a scheme to facilitate carbon neutral growth.
Robus Group was appointed as insurance manager and provided advice on structuring and Guernsey’s regulatory framework. PMI was licensed as a category three general insurer within weeks.
Adele Gale, director and group head of ILS at Robus, said: “Robus’ knowledge of the regulatory regime allowed Paratus to assess the merits of Guernsey against other jurisdictions and, with a recommended structure in mind, we facilitated a meeting with the regulator in early 2020.”
The first pure volcanic eruption catastrophe bond was sponsored by the Danish Red Cross and brought to market through a Guernsey-domiciled reinsurance structure managed in Guernsey by Aon Insurance Managers.
