24 August 2016EMEA analysis

CWC strengthens captive insurance division

Cutts-Watson Consulting (CWC) has appointed Paul Wakefield as a consultant to strengthen its captive insurance team.

CWC said that Wakefield will deliver his own in-depth market knowledge of, and insight into, the captive insurance world, as he brings with him longstanding experience of working in both onshore and offshore environments.

Wakefield most recently served as a non-executive director at a London market insurance company and is currently a non-executive director of a number of Guernsey-based insurance companies.

He provides CWC clients with further knowledge and a proven track record of strategic and operational consulting.

Wakefield said: “I have always admired the positive dynamics and change leadership that Malcolm, and now collectively the team at Cutts-Watson Consulting, bring to the goal of raising standards in the captive insurance industry.

“This is something that mirrors my own viewpoint. I look forward to working with the CWC team to maximise the value that captives generated to their owners and to be part of the exciting consulting projects CWC is currently undertaking.”

Malcolm Cutts-Watson, founder of CWC, added: “We are delighted to have someone of Paul’s stature on board and we all look forward to working with him. We see this as a real positive strengthening of our service proposition offered to our clients and gives us greater bench strength.”

Wakefield has undertaken many feasibility studies and set up insurance subsidiaries for multi-national corporations across the globe.

As part of the work with captives he has overseen portfolio transfers, novations, redomiciliation of captives, protected cell company formation and the design and implementation of multi-year multi-line reinsurance programmes.

He has also undertaken various consultancy work on the regulatory side of insurance. Wakefield is an associate of the Chartered Insurance Institute and is registered and approves as a director with the UK Prudential Regulatory Authority and the Guernsey Financial Services Commission.