Malcolm Cutts-Watson speaks at Guernsey Insurance Development Forum

Delighted to be able to offer my thoughts on the future of the Guernsey Insurance industry to the industry’s younger generation at this event

I explored 3 themes:

# macroeconomics and global trends and their impact on Guernsey. Key risks identified were environmental ( climate change, natural disasters) and technology ( cyber and data security). Key market identified was Asia, and in particular China.

#making the Guernsey operating model future proof (need to rapidly adopt distributed ledger technology such as Blockchain)

#developing our talent (personal development programme is the responsibility of the individual). Tactics and resources to achieve your full potential were discussed

I liked the format: casual setting, punchy presentations and ample time for networking. Thanks to sponsors BDO and Barclays for supporting this educational initiative by GIIA. My co-presenter, Willie Lewis of Hampden gave an overview of Lloyd’s market and its relationship with Guernsey.

Conclusion: the future is secure but some strategic issues need to be addressed soon to maximise the opportunties.

wwww.cuttswatson.com

Cutts-Watson Consulting Limited
Cercle de Pierre, La Grande Rue,
St Saviour, Guernsey, GY7 9PS

+44(0) 7781 135 628 malcolm@cuttswatson.com

wwww.cuttswatson.com

Cutts-Watson Consulting Limited
Co. Reg. No.60168
Cercle de Pierre, La Grande Rue, St Saviour, Guernsey, GY7 9PS

+44(0) 7781 135 628

cwc@cuttswatson.com

wwww.cuttswatson.com

Cutts-Watson Consulting Limited
Co. Reg. No.60168
Cercle de Pierre, La Grande Rue, St Saviour, Guernsey, GY7 9PS

+44(0) 7781 135 628 cwc@cuttswatson.com

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RISCS CWC

- 20th February 2023 -

“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”.

Board Development

- Human Capital -

You have successfully registered for the Regenesis Boardroom Analysis. You can now follow the link below and take the analysis and receive the instant results. You will need your email address and the pin number shown below.

Pin Number: 2145

Industry Engagement

- 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 services for Industry Engagement:

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.

Short Term Consignment

- Employment of Talent -

Examples of CWC services for Short Term Consignment:

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.

Non-Executive Directorship

- Employment of Talent -

Examples of CWC Consultant held Non-Executive Directorships:

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.

Thomas Welsh

Board Development Coach

39+ years cross sector experience in releasing potential of boards, organisations, and their managers and leaders. Author of ‘Building the Future’ acclaimed development guide for boards and their members.

Thomas Welsh

Board Development Coach

Board Development

- Human Capital -

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.

Examples of CWC services for our Commitment to Board Development:

Events
Advanced Captive Training programme
Our CWC LinkedIn
Our News Wall

Our Products:

International Recruitment

- Human Capital -

We offer an objective and confidential service to talent wishing to assess their career opportunities. We can draw upon many years of experience and offer detached advice on your career path and learning development

Examples of CWC services for our Commitment to Career Development:

Events
Advanced Captive Training programme
Our CWC LinkedIn
Our News Wall

Career Development

- Human Capital -

Examples of CWC services for our Commitment to Career Development:

Events
Advanced Captive Training programme
Our CWC LinkedIn
Our News Wall

Education

- Human Capital -

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.

Examples of CWC services for our Commitment to Education:

Events
Advanced Captive Training programme
Our CWC LinkedIn
Our News Wall

Domicile Regulators, Governments &
Promotional Agencies

- Partners -

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.

Captive Health Check

- for Captive Owners-

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.

Download the Brochure :

Coming Soon

Captive Feasibility Study

- for Captive Owners-

Download the Brochure :

Coming Soon

Captive Strategic Review

- for Captive Owners-

Download the Brochure :

Coming Soon

Service Providers

- Stakeholders -

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.

We can contribute to your marketing and sales planning and facilitate product launches, or simply be a sounding board for your ideas.

Captive Owners

- Stakeholders -

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.

CWC Products for Captive Owners:

Captive Strategic Review

Captive Feasibility Study

Captive Health Check

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.

Captive Managers

- Stakeholders -

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.

Our CWC Products designed for Captive Managers:

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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.

Free
Consultation

You can contact us through social media, fill in the form below or give us a call.

Contact Us

You can contact us through social media, fill in the form below or give us a call.

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.

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.

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

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.

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.

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

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.

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

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.

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

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 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.

Malcolm Cutts-Watson speaks at Guernsey Insurance Development Forum

wwww.cuttswatson.com

wwww.cuttswatson.com

wwww.cuttswatson.com

Search

If you can not find what you are looking for you can contact us through social media, fill in the form below or give us a call.

RISCS CWC

- 20th February 2023 -

“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”.

Board Development

- Human Capital -

Industry Engagement

- Employment of Talent -

Short Term Consignment

- Employment of Talent -

Non-Executive Directorship

- Employment of Talent -

Thomas Welsh

Board Development Coach

Thomas Welsh

Board Development Coach

Board Development

- Human Capital -

International Recruitment

- Human Capital -

Career Development

- Human Capital -

Education

- Human Capital -

Domicile Regulators, Governments &Promotional Agencies

- Partners -

Insurers & Reinsurers

- Partners -

Captive Health Check

- for Captive Owners-

Captive Feasibility Study

- for Captive Owners-

Captive Strategic Review

- for Captive Owners-

Service Providers

- Stakeholders -

Captive Owners

- Stakeholders -

Captive Managers

- Stakeholders -

Captive Managers

- Stakeholders -

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

James Portelli

Consultant

FreeConsultation

You can contact us through social media, fill in the form below or give us a call.

Contact Us

You can contact us through social media, fill in the form below or give us a call.

Dom Wheatley

Managing Director

Dom Wheatley

Managing Director

Ashley Paxton FCA

Project Consultant

Ashley Paxton FCA​

Project Consultant

Graham Powell

Head of Consulting

Graham Powell

Head of Consulting

Paul Wakefield

Consultant

Paul Wakefield

Consultant

Niall Lucas

COO / FD

Niall Lucas

COO / FD

Conor Jennings

Consultant

Conor Jennings

Domicile Regulators, Governments &
Promotional Agencies

Free
Consultation

Ashley Paxton FCA