Malcolm and the CWC team provide insight for these article written in Captive International.

The UK’s decision to leave the European Union will present many challenges for the captives sector—but the biggest could simply be managing the inevitable period of uncertainty during the waiting game before the details of a post-Brexit world start to emerge, EMEA Captive reports.

http://www.captiveinternational.com/article/winners-and-losers-post-brexit

The shock vote in June 2016 by the UK electorate to leave the European Union has created a period of uncertainty for all sectors of the insurance industry—one that may well extend for some time.

The decision will have implications for many parts of the industry in many ways. The biggest initial consequence for insurers, for example, was the immediate fluctuation in currency exchange rates, which hit both the asset and the liability sides of the balance sheets of companies operating in sterling and/or euros.

Beyond this, there will be potential consequences regarding the free movement of labour once the exit process is complete and a myriad of potential complications around regulatory processes and procedures—for example, could the UK deviate from Solvency II?

But easily the biggest worry for re/insurers so far has been the potential loss of their passporting rights, which allow UK companies to freely trade, sell and distribute products in the EU and vice versa.

This issue is also an important one within the captives sector, as it could have implications for where companies choose to base their captives.

In the aftermath of the vote, trade bodies were keen to get their point across to the UK government: that the re/insurance industry needed to be front and centre of considerations around negotiations and the exit settlement. A number specifically mentioned the importance of the captives sector in such correspondence.

The British Insurance Brokers Association (BIBA), for example, asked the UK government to consider 11 points affecting brokers and their customers post the vote. In this, it mentioned the captives sector, specifically stressing the importance of some of the facilities brokers have created.

“The impact on captive insurance companies writing for European operations from the UK, or vice versa for a UK operation from a European base needs to be considered,” BIBA said.

“Some brokers have created specific captive insurance arrangements for customers in order to place risks they are unable to place competitively in the UK. These arrangements will be put at risk where access to the EU is restricted and we may also see job losses for staff in the business units that focus on helping customers with these arrangements.”

How long is that string?

“IT IS REASONABLE TO EXPECT THAT CROSS-BORDER PASSPORTING RIGHTS BETWEEN UK AND EU WILL CEASE AND ALTERNATIVE ARRANGEMENTS WILL NEED TO BE PUT IN PLACE.” MALCOLM CUTTS-WATSON, CUTTS-WATSON CONSULTING

The problem with much of this is that it remains very difficult to predict what the outcome of Brexit negotiations will be.

The UK government has now said it will trigger Article 50, the process by which the UK will formally leave the EU, by March 2017, which means the divorce would formally happen two years later. But there is little indication so far as to what form the negotiations will take, never mind a settlement.

The one thing businesses and the financial markets hate is uncertainty. In preparation for an outcome that would involve the loss of passporting rights, a number of re/insurers including the Lloyd’s market have instigated plans to form subsidiaries in the EU.

Robert Geraghty, vice president and business development manager for the EMEA and Asia-Pacific at Marsh Captive Solutions, stresses that there should be no panic in the captives world just yet. He notes that captives resident in the EU, and captive domiciles in the EU, will be able to continue to do business as usual until final decisions and agreements have been made between the UK and the EU member states.

But he acknowledges this could be a problem in the longer term, depending on how negotiations progress.

“Brexit could impact captives’ passporting rights and their financials, which could in turn affect the domiciles that they chose to operate in. Once the UK is no longer part of the EU, UK residents insurers’ right to passport—providing insurance services in the EU member states from a single country licence—may be restricted,” Geraghty says.

“The same is true for EU resident captives which may now need an additional licence to conduct business insurance in the UK. Either a UK insurer would be needed to front risk, or firms may need to form a UK branch or a new UK entity to insure compulsory classes such as employers’ liability and third-party motor liability risks.

“As much is still uncertain, it’s important to review your captive risk profiles and insurance programmes, as well as monitor the markets closely to ensure solvency obligations can be fulfilled.”

Malcolm Cutts-Watson, managing director of Cutts-Watson Consulting and a specialist in captives, agrees that companies should consider and plan for the worst case scenario when it comes to accessing the EU.

“It is difficult to accurately assess this until full details of the UK’s exit are known. However, it is reasonable to expect that cross-border passporting rights between UK and EU will cease and alternative arrangements will need to be put in place,” he says.

He notes that data published by the Financial Conduct Authority illustrate the scale of the potential problem. They show that 5,476 UK-registered firms hold at least one passport to do business in another EU or European Economic Area member state. And just over 8,000 companies authorised in other EU states use these rules to do business in the UK—which demonstrates that the passporting rules are also important to non-UK firms.

Cutts-Watson notes that there are other ways to solve this problem if passporting rights were lost—but no solution is ideal and this would involve using offshore domiciles unaffected by Brexit.

“The use of a fronting insurer would seem to be the obvious solution, which will add cost and complexity to any pan-European insurance programme,” he says. “We don’t see the offshore captive domiciles being affected by Brexit, and in fact they may seek to market themselves as a secure and unchanging place to do business.”

The waiting game

As this publication went to press an uneasy calm seemed to have settled over the market for the time being, as executives awaited news or direction from the UK government. But this could not last forever, as Geraghty at Marsh Captive Solutions points out.

“Since the vote to leave the EU, we have been monitoring the situation and have not seen any major changes as yet. Keep in mind that when the UK government formally notifies the European Council about its decision, it will trigger Article 50 of the Lisbon Treaty, which will start a transition period that is expected to last up to two years,” he says.

“The effects of Brexit on captive owners and EMEA domiciles will become more apparent during this transition as negotiations conclude and the terms of the UK’s relationship with the EU become clearer.”

David Kirkup, chief operations officer and chief financial officer of Captive Alternatives, agrees that the industry faces a period of uncertainty. But he predicts that there will be winners and losers in terms of domiciles as the negotiations and wider fallout from Brexit pan out. Domiciles such as Puerto Rico could benefit in the long term, he believes.

“Brexit has led to a good deal of uncertainty and speculation about the future. Some observers believe that increased regulation is likely if the ability of UK insurers to write business in the EU is impinged,” he says.

“Others note that European domiciles such as Dublin, Malta, and Gibraltar may find themselves subject to increased investment and exchange rate volatility that may have knock-on effects on solvency.

“The biggest issue remains uncertainty about the process and timing of the UK’s exit. We are not yet certain what benefits may flow to western domiciles such as Puerto Rico, but increased exposure to Puerto Rico’s International Insurer rules and operational efficiency may lead to new opportunities for business from both European and UK companies.”

Looking to the future of the industry in a post-Brexit world, Cutts-Watson believes that it will have little to no effect on the wider captive markets. It may, however, have an impact on certain domiciles such as Gibraltar, which will lose the ability to write directly into the EU.

“We see Brexit (and the possible exit of other countries from the EU) as further evidence that the most efficient means of captive participation in a global insurance programme is through the tried and tested model of fronting into an offshore reinsurance captive,” Cutts-Watson says.

“Gibraltar will have the opportunity to remarket itself as a non-EU domicile. Will the UK seize the opportunity as Ireland did to re-energise its financial services by creating an International Finance Centre (with reduced regulation and corporate tax) to encourage inward investment and establishment of UK-based captives?

“It amuses us to consider the irony of the UK becoming an offshore finance centre after its political establishment’s previous attacks on these jurisdictions,” he adds.

He also notes that although Brexit presents great uncertainty and many challenges to captives, there are issues that are more of a threat.

“Our biggest concern to the sustainability of the captives industry is not Solvency II or Brexit, but base erosion and profit-shifting (BEPS),” he says, which he claims has the potential to fundamentally alter the business model of the captives industry.

“The European Captive Insurance and Reinsurance Owners’ Association (ECIROA) and other industry players are highlighting the issues, and it would appear that the captive model is set to be challenged,” he says.

Brexit, UK, Europe, Captive, EMEA, Solvency II, BIBA, Cutts-Watson Consulting, Marsh Captive Solutions, Malcolm Cutts-Watson, Captive Alternatives

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“Effective March 2023 CWC will merged with RISCS to become RISCS CWC. Please use the link in the image below to be directed to the new website. I and the rest of the CWC team remain available as part of their expanded RISCS CWC team. Malcolm Cutts-Watson”.

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To continue to offer, or to create, a compelling and competitive captive offering, domicile authorities need to understand the global captive marketplace, changing stakeholder demands and threats or opportunities for the business. It can be a challenge for these bodies to be able to access independent, insightful advice upon which to base their strategic planning and resource allocation.

Examples of CWC services for Industry Engagement:

  • Advising regulators on pragmatic implementation of regulatory change.
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  • Assist governmental bodies on the needs of the captive industry to facilitate the delivery of enabling legislation to allow the local captive business to flourish.

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To continue to offer, or to create, a compelling and competitive captive offering, domicile authorities need to understand the global captive marketplace, changing stakeholder demands and threats or opportunities for the business. It can be a challenge for these bodies to be able to access independent, insightful advice upon which to base their strategic planning and resource allocation.

Examples of CWC services for Short Term Consignment:

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  • Assist governmental bodies on the needs of the captive industry to facilitate the delivery of enabling legislation to allow the local captive business to flourish.

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- Employment of Talent -

To continue to offer, or to create, a compelling and competitive captive offering, domicile authorities need to understand the global captive marketplace, changing stakeholder demands and threats or opportunities for the business. It can be a challenge for these bodies to be able to access independent, insightful advice upon which to base their strategic planning and resource allocation.

Examples of CWC Consultant held Non-Executive Directorships:

  • Advising regulators on pragmatic implementation of regulatory change.
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  • Assist governmental bodies on the needs of the captive industry to facilitate the delivery of enabling legislation to allow the local captive business to flourish.

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The Board, and individual Board Members, face a growing array of stakeholders’ scrutiny whilst directing a captive or SME insurer. Increasingly, they are looking to external independent counsel to ensure, and provide evidence, that they are a high performing and soundly governed caucus.

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As part of our commitment to develop the talent in the captive industry, we host various educational events. Recent examples include the 2015 UK Insurance Act and management of assets in a Solvency II world.

We also run an Advanced Captive Training programme as we have identified there is little structured educational resource in the industry beyond introductory courses.

Our consultants are frequent speakers at industry events covering technical topics as well as offering their outlook on the current and future captive landscape.

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Examples of CWC services for our Commitment to Education:

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To continue to offer, or to create, a compelling and competitive captive offering, domicile authorities need to understand the global captive marketplace, changing stakeholder demands and threats or opportunities for the business. It can be a challenge for these bodies to be able to access independent, insightful advice upon which to base their strategic planning and resource allocation.

Examples of CWC services for Domicile Regulators & Promotional Agencies:

  • Advising regulators on pragmatic implementation of regulatory change.
  • Recommend to promotional agencies how to enhance their domicile proposition and advance their strategic thinking.
  • Assist governmental bodies on the needs of the captive industry to facilitate the delivery of enabling legislation to allow the local captive business to flourish.

Insurers & Reinsurers

- Partners -

The market typically interacts with a captive in the following ways:

  • Underwriting the risk of the insured and then reinsuring all or part of the risk to the captive (“fronting”).
  • Acting as a reinsurer of the captive to accept excess risk above the captive’s risk bearing appetite. The captive may have assumed risk on a direct basis from the insured or via a fronting arrangement.


In all situations (re)insurance industry stakeholders should interact with the captive on the same terms as they would with any other market participant yet recognising the unique characteristics of the captive arrangement.

Examples of CWC services for Insurers & Reinsurers:

  • Conduct In-house workshops to ensure full understanding of the captive model, the roles and relationship of all parties in a captive arrangement and flow of funds and documentation.
  • Advise on captive participation; programme design, operational processes and procedures, collateral, and reporting requirements.
  • Inform of the needs of the captive industry in respect of fronting services and reinsurance protection.
  • Advise on developments and trends in the captive industry such as governance and regulatory changes and explain the impact on the captive and on your involvement.
  • Act as your in-house captive centre of excellence, either remotely or participate in discussions with the insured and their advisers.
  • Introduce you to key captive stakeholders and influencers.
  • Assist and participate in marketing activities.
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If you are looking to create, enhance or take to market your captive proposition we can advise you on the best way to proceed. CWC is wholly independently owned and not associated with another broking or insurance company, giving it complete independence and flexibility. This allows us to work with you to deliver to the captive market a best in class offering that benefits from our combined accumulated knowledge and wisdom.

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If you are looking to create, enhance or take to market your captive proposition we can advise you on the best way to proceed. CWC is wholly independently owned and not associated with another broking or insurance company, giving it complete independence and flexibility. This allows us to work with you to deliver to the captive market a best in class offering that benefits from our combined accumulated knowledge and wisdom.

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If you are looking to create, enhance or take to market your captive proposition we can advise you on the best way to proceed. CWC is wholly independently owned and not associated with another broking or insurance company, giving it complete independence and flexibility. This allows us to work with you to deliver to the captive market a best in class offering that benefits from our combined accumulated knowledge and wisdom.

Examples of CWC services for Service Providers:

We maintain close links with captive industry globally and so are able to guide you through market dynamics, culture & accepted practice, trends and emerging developments. Our extensive network of contacts ensures honest feedback and access to key influencers and decision makers in the domiciles.

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If you are considering captive insurance for the first time or need quality independent advice on change management, CWC can assist you ensuring the captive insurance vehicle is right for your organisation.

Examples of CWC services for Captive Owners:

  • Strategic review. Is your captive business plan still relevant and delivering real value?Creation of a strategic road map to optimise the captive’s effectiveness and meet key drivers.
  • Domicile review. Could your captive objectives be better achieved in another location?
  • Exit strategies. If your captive has run its course, what is the best means to exit the business?
  • Health check. Are you comfortable your captive is operating efficiently and in line with industry best practice?
  • Bespoke consulting to respond to particular issues your captive faces.

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We do not seek to assume or duplicate responsibilities and activities performed by a Captive Manager. Rather, we look to bring added value to client service and/or assist the Captive Manager’s management of their own business. We bring extensive experience of running a captive management business including strengthening a value proposition, winning business, innovative thinking and developing staff.

Examples of CWC services for Captive Managers:

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  • Act as challenger or ‘Devil’s Advocate’ to test strategy.
  • Undertake client and employee surveys.
  • Provide market intelligence.
  • Advise on complex or unusual issues or situations that captive managers may not have encountered before.
  • Assist in identifying, and recruitment of, suitable candidates for vacant or newly created senior positions.

Captive Managers

- Stakeholders -

We do not seek to assume or duplicate responsibilities and activities performed by a Captive Manager. Rather, we look to bring added value to client service and/or assist the Captive Manager’s management of their own business. We bring extensive experience of running a captive management business including strengthening a value proposition, winning business, innovative thinking and developing staff.

Examples of CWC services for Captive Managers:

  • Act as a Non Executive Director of clients under management.
  • Assist in responding to RFP’s.
  • Review internal processes and procedures.
  • Facilitate internal workshops or away days to set strategy, establish plans or solve a particular problem.
  • Assist in staff training and education.
  • Assist in development and delivery of marketing and sales plans.
  • Act as challenger or ‘Devil’s Advocate’ to test strategy.
  • Undertake client and employee surveys.
  • Provide market intelligence.
  • Advise on complex or unusual issues or situations that captive managers may not have encountered before.
  • Assist in identifying, and recruitment of, suitable candidates for vacant or newly created senior positions.

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  • xxxxxxxx.

Thank you

For taking the time to fill in the survey. If you would like to speak to one of the team feel free to contact us at CWC

James Portelli

Consultant

A seasoned chartered insurance risk manager with 3 decades of insurance and reinsurance experience in conventional and captive sectors across Europe and the Middle East.
James has been involved in financial services, initially in banking, since 1986 and joining insurance in 1990. 
 
A chartered insurance risk manager, James is a Fellow of the Chartered Insurance Institute and a Fellow of the UK Institute of Risk Management and also holds an MSc in Risk Management from Glasgow Caledonian University. 
 
He started his insurance career with Middlesea Insurance plc (now part of the Grupo Mapfre conglomerate) in Malta later worked in London, Central Europe , the Middle East (Bahrain, UAE and Qatar) and East Africa with a career spanning commercial and industrial insurance underwriting, distribution, outward reinsurance, broking, risk management, captive management, consulting and training.
 
He is now an non-executive director on a portfolio of insurance companies in Malta operating across Europe by virtue of the EU Freedom of Services Directive, is also active in one company in an executive capacity and lectures insurance part-time at the University of Malta. 

James Portelli

Consultant

A seasoned chartered insurance risk manager with 3 decades of insurance and reinsurance experience in conventional and captive sectors across Europe and the Middle East

James has been involved in financial services, initially in banking, since 1986 and joining insurance in 1990. 
 
A chartered insurance risk manager, James is a Fellow of the Chartered Insurance Institute and a Fellow of the UK Institute of Risk Management and also holds an MSc in Risk Management from Glasgow Caledonian University. 
 
He started his insurance career with Middlesea Insurance plc (now part of the Grupo Mapfre conglomerate) in Malta later worked in London, Central Europe , the Middle East (Bahrain, UAE and Qatar) and East Africa with a career spanning commercial and industrial insurance underwriting, distribution, outward reinsurance, broking, risk management, captive management, consulting and training.
 
He is now an non-executive director on a portfolio of insurance companies in Malta operating across Europe by virtue of the EU Freedom of Services Directive, is also active in one company in an executive capacity and lectures insurance part-time at the University of Malta. 

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Dom Wheatley

Managing Director

A seasoned captive practitioner and consultant, finance industry experience with over 25 years  world class knowledge.

Exiting Chief Executive of Guernsey Finance, the promotional agency for Guernsey’s finance industry.

His role included business development and the promotion of Guernsey’s finance industry in the Island’s target markets including Europe, the US and the emerging markets, technical research to support promotional activities and liaison with industry associations and government.

Previously Chief Marketing Officer of the Willis Global Captive Practice and Managing Director of its Guernsey business. Over 25 years of finance experience in London and, for the past 19 years in Guernsey.

A member of the Institute of Directors and serve as a non-executive director on a number of local boards. A fellow of the Chartered Insurance Institute and holds an M.B.A from Warwick University.

Dom Wheatley

Managing Director

A seasoned captive practitioner and consultant, finance industry experience with over 25 years  world class knowledge.

Exiting Chief Executive of Guernsey Finance, the promotional agency for Guernsey’s finance industry.

His role included business development and the promotion of Guernsey’s finance industry in the Island’s target markets including Europe, the US and the emerging markets, technical research to support promotional activities and liaison with industry associations and government.

Previously Chief Marketing Officer of the Willis Global Captive Practice and Managing Director of its Guernsey business. Over 25 years of finance experience in London and, for the past 19 years in Guernsey.

A member of the Institute of Directors and serve as a non-executive director on a number of local boards. A fellow of the Chartered Insurance Institute and holds an M.B.A from Warwick University.

Ashley Paxton FCA

Project Consultant

Guernsey based chartered accountant with c30 years’ experience spent in practice.

Recently retired as partner and head of Advisory for KPMG in the Channel Islands.

Guernsey based chartered accountant with c30 years’ experience spent in practice.

Unique blend of operational and client experience split between audit and advisory latterly focused on providing transactional support across the insurance, funds, fiduciary and banking sectors as well as local government.

Led a number of high profile and innovative engagements for the States of Guernsey including:

2017 – States bond issue commissioned by the Scrutiny Management Committee
2017 – Guernsey housing market review
2016 – Strategic review of the Guernsey fiduciary industry
2015 – Financial mitigation for milk distributors
2015 – International Capital Flows (funds sector)
Various other confidential engagements

Qualifications
Fellow of the Institute of Chartered Accountants in England and Wales
BSc (Hons) Economics, University of Warwick

Ashley Paxton FCA​

Project Consultant

Guernsey based chartered accountant with c30 years’ experience spent in practice.

Recently retired as partner and head of Advisory for KPMG in the Channel Islands.

Guernsey based chartered accountant with c30 years’ experience spent in practice.

Unique blend of operational and client experience split between audit and advisory latterly focused on providing transactional support across the insurance, funds, fiduciary and banking sectors as well as local government.

Led a number of high profile and innovative engagements for the States of Guernsey including:

2017 – States bond issue commissioned by the Scrutiny Management Committee
2017 – Guernsey housing market review
2016 – Strategic review of the Guernsey fiduciary industry
2015 – Financial mitigation for milk distributors
2015 – International Capital Flows (funds sector)
Various other confidential engagements

Qualifications
Fellow of the Institute of Chartered Accountants in England and Wales
BSc (Hons) Economics, University of Warwick

Graham Powell

Head of Consulting

Graham has spent four decades working in the insurance industry. He has a wealth of experience in all aspects of an insurer’s life cycle including feasibility, formation, management, revalidation and de-risking. In recent years Graham has specialized more on regulatory and compliance work for commercial insurers.

Based in Guernsey, Graham brings his unique skill set to CWC working centrally with the team as it responds to the diverse and ever-changing needs of its clients.

As a result of so many years at the “coal face” Graham has a unique insight into every aspect of insurance management. This wealth of experience is now channeled into helping CWC’s clients realise the full potential of their insurers.
This in-depth knowledge came into its own when CWC was commissioned to carry out a strategic review of the Guernsey insurance sector by the States of Guernsey. Graham acted as the project manager for this major piece of work.

Outside of CWC, Graham acts as an independent non-executive director on a number of Guernsey (re)insurers for groups operating in a wide range of industries. The owners of these entities range from private individuals to constituents of the FTSE 100 and Nasdaq.

Graham is a Chartered Insurance Practitioner and a Fellow of the Chartered Insurance Institute by examination. He is registered and approved as a Director with the Guernsey Financial Services Commission.

Graham Powell

Head of Consulting

Graham has spent four decades working in the insurance industry. He has a wealth of experience in all aspects of an insurer’s life cycle including feasibility, formation, management, revalidation and de-risking. In recent years Graham has specialized more on regulatory and compliance work for commercial insurers.

Based in Guernsey, Graham brings his unique skill set to CWC working centrally with the team as it responds to the diverse and ever-changing needs of its clients.

As a result of so many years at the “coal face” Graham has a unique insight into every aspect of insurance management. This wealth of experience is now channeled into helping CWC’s clients realise the full potential of their insurers.

This in-depth knowledge came into its own when CWC was commissioned to carry out a strategic review of the Guernsey insurance sector by the States of Guernsey. Graham acted as the project manager for this major piece of work.   

Outside of CWC, Graham acts as an independent non-executive director on a number of Guernsey (re)insurers for groups operating in a wide range of industries. The owners of these entities range from private individuals to constituents of the FTSE 100 and Nasdaq.

Graham is a Chartered Insurance Practitioner and a Fellow of the Chartered Insurance Institute by examination. He is registered and approved as a Director with the Guernsey Financial Services Commission.

Paul Wakefield

Consultant

Longstanding experience in on & offshore environments most recently as a Non Executive Director with a London market insurance Company. Experienced in feasibility studies, regulatory matters and the set up of insurance subsidiaries for global multi national corporations.

Paul delivers his own in-depth market knowledge of, and insight into, the captive insurance world.

Paul brings longstanding experience of working in both onshore and offshore environments, most recently as a Non Executive Director with a London market insurance company.

He is also currently a Non Executive Director of a number of Guernsey based insurance companies. He provides CWC clients with further valuable knowledge and a proven track record of strategic and operational consulting.

Paul has undertaken numerous 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 also has undertaken various consultancy work on the regulatory side of insurance.

Paul is an Associate of the Chartered Insurance Institute. He is registered and approved as a Director with the UK Prudential Regulatory Authority and the Guernsey Financial Services Commission.

Paul Wakefield

Consultant

Longstanding experience in on & offshore environments most recently as a Non Executive Director with a London market insurance Company. Experienced in feasibility studies, regulatory matters and the set up of insurance subsidiaries for global multi national corporations.

Paul delivers his own in-depth market knowledge of, and insight into, the captive insurance world.

Paul brings longstanding experience of working in both onshore and offshore environments, most recently as a Non Executive Director with a London market insurance company.

He is also currently a Non Executive Director of a number of Guernsey based insurance companies. He provides CWC clients with further valuable knowledge and a proven track record of strategic and operational consulting.

Paul has undertaken numerous 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 also has undertaken various consultancy work on the regulatory side of insurance.

Paul is an Associate of the Chartered Insurance Institute. He is registered and approved as a Director with the UK Prudential Regulatory Authority and the Guernsey Financial Services Commission.

Niall Lucas

COO / FD

Niall has spent most of his professional career in the captive insurance industry. Holds the ACII, FPC & Chartered Insurer along with various accounting, marketing & computer vocations.

Niall has spent most of his professional career in the captive insurance industry.

He started in Guernsey in 1996, where he provided underwriting support the UK Post Office captive.

During his career, Niall has advised captive stakeholders on underwriting, strategic, operational and governance matters across a broad range of industries and jurisdictions.

He has lead difficult consulting projects requiring innovative thinking, high quality communication skills and perseverance.

Niall has exceptional marketing and up to date IT knowledge with highly developed research and analytical skills. He qualified as a Chartered Insurer and Financial Planner. These attributes together with his vast captive experience allows Niall to fulfil his role as Chief Operating Officer of CWC.

Niall joined CWC in 2015 to support Malcolm in the development of the company. In 2016 he was promoted to COO and continues to support CWC as it holds its place as the global Captive Consultants of choice.

Niall Lucas

COO / FD

Niall has spent most of his professional career in the captive insurance industry. Holds the ACII, FPC & Chartered Insurer along with various accounting, marketing & computer vocations.

He started in Guernsey in 1996, where he provided underwriting support the UK Post Office captive.

During his career, Niall has advised captive stakeholders on underwriting, strategic, operational and governance matters across a broad range of industries and jurisdictions.

He has lead difficult consulting projects requiring innovative thinking, high quality communication skills and perseverance.

Niall has exceptional marketing & up to date IT knowledge with highly developed research and analytical skills.  He qualified as a Chartered Insurer and Financial Planner. These attributes together with his vast captive experience allows Niall to fulfil his role as Chief Operating Officer of CWC.

Niall joined CWC in 2015 to support Malcolm in the development of the company. In 2016 he was promoted to COO and continues to support CWC as it holds its position in the industry as the global Captive Consultants of choice.

Conor Jennings

Consultant

Conor Jennings FCII, FIRM, TEP is an insurance and risk management professional of many years’ experience.

He has lived and worked in Ireland, UK, Hong Kong and Singapore, Guernsey, BVI and more recently in the Cayman Islands.

During this time Conor has managed and directed captive insurance companies for clients ranging from small, family-held businesses to US Fortune 500 companies encompassing a whole host of industries.


Having, most recently, spent over a decade in the Caribbean managing mainly North and South American captive insurance clients Conor leverages his deep global knowledge and skills set to provide creative risk financing solutions to clients from all over the world.

Conor Jennings

Consultant

Conor Jennings FCII, FIRM, TEP is an insurance and risk management professional of many years’ experience.

He has lived and worked in Ireland, UK, Hong Kong and Singapore, Guernsey, BVI and more recently in the Cayman Islands

During this time Conor has managed and directed captive insurance companies for clients ranging from small, family-held businesses to US Fortune 500 companies encompassing a whole host of industries.

Having, most recently, spent over a decade in the Caribbean managing mainly North and South American captive insurance clients Conor leverages his deep global knowledge and skills set to provide creative risk financing solutions to clients from all over the world.

Malcolm_Square_shaped_white_backdrop

Malcolm Cutts-Watson

Founder & Chairman

A seasoned captive practitioner and consultant, Malcolm has gathered vast experience over 4 decades working in different domiciles and advising companies and regulatory bodies across the world.

Malcolm Cutts-Watson has spent most of his professional career in the captive insurance industry.

He started in Bermuda in 1982, was in the vanguard of the development of Vermont captive business and then worked in Guernsey. During his career, Malcolm has advised captive stakeholders on strategic, operational and governance matters across a broad range of industries and jurisdictions . He also advises governmental and regulatory bodies on legislative and regulatory change.

He has served, and continues to serve, as a director on a variety of captive insurers and is an approved person in many captive domiciles. He qualified as an accountant in 1982.

Malcolm was a member of the Captive Review Power 50 and in 2015 received the industry’s outstanding contribution by an individual award.

In 2017 he became an inaugural inductee into the Captive Hall of Fame which recognises the most influential figures in the captive industry over the past 50 years.

He has acted as industry partner to AIRMIC’s Captive Special Interest Group. He is a regular contributor to industry debate and is a passionate advocate for the raising of standards in the captive industry.

Malcolm founded CWC in 2015 to allow organisations access to the accumulated knowledge, insight and solutions that he, and the rest of the CWC team of captive insurance experts, have gathered over their lifetimes.

Malcolm Cutts-Watson

Founder & Chairman

Malcolm_Square_shaped_white_backdrop

A seasoned captive practitioner and consultant, Malcolm has gathered vast experience over 4 decades working in different domiciles and advising companies and regulatory bodies across the world.

Malcolm Cutts-Watson has spent most of his professional career in the captive insurance industry.

He started in Bermuda in 1982, was in the vanguard of the development of Vermont captive business and then worked in Guernsey. During his career, Malcolm has advised captive stakeholders on strategic, operational and governance matters across a broad range of industries and jurisdictions . He also advises governmental and regulatory bodies on legislative and regulatory change.

He has served, and continues to serve, as a director as a director on a variety of captive insurers and is an approved person in many captive domiciles. He qualified as an accountant in 1982.

Malcolm was a member of the Captive Review Power 50 and in 2015 received the industry’s outstanding contribution by an individual award.

In 2017 he became an inaugural inductee into the Captive Hall of Fame which recognises the most influential figures in the captive industry over the past 50 years.

He has acted as industry partner to AIRMIC’s Captive Special Interest Group. He is a regular contributor to industry debate and is a passionate advocate for the raising of standards in the captive industry.

Malcolm founded CWC in 2015 to allow organisations access to the accumulated knowledge, insight and solutions that he, and the rest of the CWC team of captive insurance experts, have gathered over their lifetimes.