Unbiased, licensed insurance coverage supervisor, Polo Insurance coverage Managers (PIM), gives optionality and a singular proposition, offering impartial skilled administration companies to ILS, Business and Captive shoppers, Chief Government Officer (CEO) Mark Elliott advised Artemis at this yr’s RVS in Monte Carlo.
Guernsey primarily based PIM specialises within the creation and administration of insurance coverage and various threat switch options, and because the firm seems to be to broaden internationally, we spoke with CEO Elliott to listen to his ideas on the place PIM is now and the place it needs to be sooner or later.
“In the mean time we’re primarily based in Guernsey, and we’re clearly very near London and Lloyd’s with Polo Managing Company so we’re taking a look at alternatives in these jurisdictions. Moreover, we’re taking a look at increasing the supervisor internationally the place we discover the proper alternative,” stated Elliott.
PIM is a part of the broader PoloWorks platform and has entry to a variety of capabilities throughout the insurance coverage ecosystem, and Elliott defined that the mix of the various skillsets leads to a robust USP for the agency.
“We provide a number one skilled servicing enterprise to ILS, to Captives, and we need to work with brokers who don’t have their very own insurance coverage administration services, as a specialist service supplier. That’s finally the place we want to play and the place we imagine we are able to carry actual worth,” stated Elliott.
Elliott can be the CEO of Marco Re, a rated legacy provider created by way of the merger of Marco Capital’s Guernsey subsidiaries, Humboldt Re and Kelvin Re, each of which had been in run-off.
The CEO advised Artemis that combining the legacy enterprise with its companies providing is a superb proposition for shoppers, particularly round trapped capital in ILS.
“If we are able to provide optionality to our ILS shoppers round exit methods sooner or later, we predict that’s a very good USP. There’s a possible exit route sooner or later. And it additionally offers consolation that we’re managing the entities, we all know the reserving course of, we perceive how that enterprise is being managed and we see that first hand.
“We predict a partnership mannequin on servicing and legacy is a very distinctive proposition. It received’t work for everyone however for sure shoppers we predict it’s very fascinating. That’s one thing nobody else can provide. And, importantly, you’ll be able to apply that to something, a captive, an ILS automobile, a syndicate by way of a RTC answer for them. We predict we are able to provide that throughout the board. It additionally builds a pleasant pipeline for us and offers our shoppers options,” stated Elliott.
Elliott additionally mentioned the Captive and ILS regimes within the UK, emphasising that though he’s Guernsey primarily based, he doesn’t view it as competitors.
“We’re very supportive of these initiatives. I actually assume it’s good for the market that London will get captives, and it’s the identical with the ILS regime within the metropolis. It took some time however it’s good for everyone, I believe it’s constructive. I don’t see it as competitors really to Guernsey or Bermuda as domiciles, I see it as rising the dimensions of the pie and having extra choices for shoppers, which is an effective factor.”
New and superior expertise is integral to PIM’s strategy, and Elliott defined that one of many key causes the corporate has partnered with PwC is to entry a wider vary of expertise options for PIM and its shoppers.
“We’re very centered on expertise and enhancements in order that we are able to move on higher, sturdy knowledge to our shoppers, and likewise enhance effectivity. So, that’s what we do. However I believe the proof is our partnership with PwC, as a result of it means we’re actually severe about making an attempt to do that. And moderately than making an attempt to construct our personal DIY equipment, really, let’s see what we are able to get by way of a partnership with the world’s chief in consulting and knowledge and analytics,” stated Elliott.
