Unbiased, licensed insurance coverage supervisor, Polo Insurance coverage Managers (PIM), presents optionality and a novel proposition, offering impartial skilled administration providers to ILS, Industrial and Captive purchasers, Chief Govt Officer (CEO) Mark Elliott advised Artemis at this yr’s RVS in Monte Carlo.
Guernsey based mostly PIM specialises within the creation and administration of insurance coverage and various danger switch options, and because the firm appears to develop 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 intervening time we’re based mostly in Guernsey, and we’re clearly very near London and Lloyd’s with Polo Managing Company so we’re alternatives in these jurisdictions. Moreover, we’re increasing the supervisor internationally the place we discover the proper alternative,” mentioned 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 numerous skillsets ends in a robust USP for the agency.
“We provide a number one skilled servicing enterprise to ILS, to Captives, and we wish to work with brokers who don’t have their very own insurance coverage administration services, as a specialist service supplier. That’s in the end the place we want to play and the place we consider we will deliver actual worth,” mentioned Elliott.
Elliott can be the CEO of Marco Re, a rated legacy service created by way of the merger of Marco Capital’s Guernsey subsidiaries, Humboldt Re and Kelvin Re, each of which have been in run-off.
The CEO advised Artemis that combining the legacy enterprise with its providers providing is a superb proposition for purchasers, particularly round trapped capital in ILS.
“If we will supply optionality to our ILS purchasers round exit methods sooner or later, we predict that’s a extremely good USP. There’s a possible exit route sooner or later. And it additionally provides 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 expect a partnership mannequin on servicing and legacy is a extremely distinctive proposition. It received’t work for everyone however for sure purchasers we predict it’s very attention-grabbing. That’s one thing nobody else can supply. And, importantly, you’ll be able to apply that to something, a captive, an ILS car, a syndicate by way of a RTC answer for them. We expect we will supply that throughout the board. It additionally builds a pleasant pipeline for us and provides our purchasers options,” mentioned Elliott.
Elliott additionally mentioned the Captive and ILS regimes within the UK, emphasising that though he’s Guernsey based mostly, he doesn’t view it as competitors.
“We’re very supportive of these initiatives. I actually suppose 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 but it surely’s good for everyone, I feel it’s optimistic. I don’t see it as competitors really to Guernsey or Bermuda as domiciles, I see it as growing the scale of the pie and having extra choices for purchasers, which is an efficient 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 purchasers.
“We’re very targeted on expertise and enhancements in order that we will go on higher, strong information to our purchasers, and in addition enhance effectivity. So, that’s what we do. However I feel the proof is our partnership with PwC, as a result of it means we’re actually critical about attempting to do that. And somewhat than attempting to construct our personal DIY equipment, really, let’s see what we will get via a partnership with the world’s chief in consulting and information and analytics,” mentioned Elliott.
