26 October 2020Actuarial & underwriting

deVere Group to launch White Knight, a Guernsey-based captive

deVere Group, an independent financial advisory and fintech company, has been granted a license to form a captive insurance company in Guernsey by the Guernsey Financial Services Commission (GFSC).

The captive will be called White Knight and will be led by a team of directors including Peter Hobbs, deVere’s chairman, Peter Moffat, who was formerly with the GFSC and the Bank of England, and David Moore, a UK-based corporate lawyer.

Alternative Risk Management (ARM), an independent manager based in Guernsey, will serve as captive manager for White Knight.

Nigel Green, deVere group chief executive officer and founder, pointed to premiums that have doubled and trebled in recent years, especially in professional indemnity (PI) cover. “We, therefore, decided to take firmer control of the matter and will start to underwrite PI and selective other internal risks for its subsidiaries around the world,” he said.

Hobbs said: “The establishment of White Knight best positions us to review, respond to, and manage our company’s and its subsidiaries’ unique needs and risk profile. It underscores the group’s proactive approach to all our business operations.”

Green said the creation of a captive “will further strengthen our position as market leaders in the international advisory arena and further demonstrate our long-term commitment to all of our stakeholders.”

This was the first time deVere has applied for and obtained an insurance company licence in northern Europe, the group said.