Davies expands into Guernsey
Insurance service provider Davies Group has launched a new captive management facility in Guernsey following regulatory approval from the Guernsey Financial Services Commission.
The company expects the new operations to broaden its established captive management operations in Bermuda and the US, and enhance its service proposition globally.
Davies' captive management operations sits within the firm’s insurance services division led by CEO Steven Crabb. It also provides incubation solutions, delegated authority administration, legacy management, credit control and audit, to insurers, reinsurers, MGAs and brokers across the global insurance market.
In June 2020, Davies acquired the captive management & consulting businesses of insurance and reinsurance specialist Citadel Risk, based in the US and Bermuda. In December 2020, it completed the acquisition of Wakely Actuarial, a specialist actuary and consulting business based in Florida.
Nick Frost, president of Davies Captive Management, said: “We are delighted to announce the launch of a new captive management facility in Guernsey, which alongside our existing operations in Bermuda and the US will enable us to further enhance our service proposition to clients around the globe. Guernsey is Europe’s leading captive centre with a robust regulatory environment and is benefitting from the rising demand for captives.
He added: “Deepening and broadening our capability is an essential part of our strategy to remain both relevant and valuable to our clients, and we look forward to being able to offer a deeper range of captive solutions to our clients across our wider business.”
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