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OECD Malta Report 101: Relevance to Insurance Undertakings (including PCC and/or Captives)
Enterprises that use their insurance companies as insurance companies, i.e. to underwrite and carry risk and who share risks with their reinsurers to mitigate net exposure from or leverage capital on their balance sheet, have nothing to worry about. One is to expect increased scrutiny from banks in requests for information on ultimate beneficiary owners. But, other than that, there is no increased risk to their undertaking and/or their clients arising from the conclusion of this report. It is highly unlikely that profits, taxation on profits (6/7th rebates and/or NID) and repatriation of profits would be impacted by any actions arising from the findings of this report; and
Global Forum on Transparency and Exchange of Information for Tax Purposes: Malta 2020 (Second Round) Peer Review Report on the Exchange of Information on Request |
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
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
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
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.
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.
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
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
Based in Guernsey, Graham brings his unique skill-set CWC working centrally with the team as it responds to the diverse and ever-changing needs of its clients.
Graham has made his career in the Guernsey finance industry. For more than 35 years he held a senior position at the largest and most innovative captive manager in Europe. As a practitioner, Graham’s own diverse portfolio of clients were accustomed to 1) new ideas and techniques being introduced on a regular basis and 2) no stone being left unturned in the unceasing quest for new lines of business.
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.
Outside of CWC, Graham also acts as an independent director on a number of Guernsey regulated and non-regulated boards of entities for groups operating in a wide range of industries. The owners of these groups range from private individuals to constituents of the FTSE 100.
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.
Based in Guernsey, Graham brings his unique skill-set CWC working centrally with the team as it responds to the diverse and ever-changing needs of its clients.
Graham has made his career in the Guernsey finance industry. For more than 35 years he held a senior position at the largest and most innovative captive manager in Europe. As a practitioner, Graham’s own diverse portfolio of clients were accustomed to 1) new ideas and techniques being introduced on a regular basis and 2) no stone being left unturned in the unceasing quest for new lines of business.
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.
Outside of CWC, Graham also acts as an independent director on a number of Guernsey regulated and non-regulated boards of entities for groups operating in a wide range of industries. The owners of these groups range from private individuals to constituents of the FTSE 100.
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 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 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 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 IT knowledge with highly developed research and analytical skills and qualified as a Chartered Insurer and Financial Planner. These attributes together with his vast captive experience allows Niall to fulfill 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 as CWC continues to grow.
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 IT knowledge with highly developed research and analytical skills and qualified as a Chartered Insurer and Financial Planner. These attributes together with his vast captive experience allows Niall to fulfill 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 as CWC continues to grow.
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.
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 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 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.
