Sunday 26 September 2021
Select a region
Business

Guernsey at the heart of two world firsts

Guernsey at the heart of two world firsts

Monday 26 July 2021

Guernsey at the heart of two world firsts


Two world firsts have been achieved through Guernsey’s insurance sector.

Guernsey was the domicile of choice as Paratus Group launched the world’s first parametric fuel price insurer, and also by Replexus, which used a Guernsey ILS structure for the world’s first catastrophe bond covering pure volcanic eruption.

Paratus Maritime Insurance Limited (PMIL) was launched to create price certainty, allowing policyholders to manage volatility while complying with new rules to limit sulphur in fuel oil on ships and a scheme to facilitate carbon-neutral growth. 

Robus Group was appointed as insurance manager and provided advice on structuring and Guernsey’s regulatory framework, supporting PMIL to become licensed as a Category 3 general insurer within a matter of weeks.

Robus Director and Group Head of ILS, Adele Gale, said Guernsey was fortunate to benefit from a regulator that embraced innovative prospects.

“Robus’ knowledge of the regulatory regime allowed Paratus to assess the merits of Guernsey against other jurisdictions and, with a recommended structure in mind, we facilitated a meeting with the regulator in early 2020,” she added.

The first pure volcanic eruption catastrophe bond, sponsored by the Danish Red Cross, was brought to market through a Guernsey-domiciled reinsurance structure managed in Guernsey by Aon Insurance Managers.

Sign up to newsletter

 

Comments

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?