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Isle of Man Insurance and Pensions Authority |
Date: 12 April 2001
The Insurance and Pensions Authority is pleased to announce the appointment of Glyn Gilbert as Manager - Non Life Insurance. Commenting on the appointment, IPA Chief Executive Bill Hastings said:
"The island's insurance sector enjoys two discrete elements to it. This appointment reflects our desire to bring greater focus to the regulation and development of this sector of the Isle of Man's economy - the majority of which comprises the "Captive" insurers.
Glyn has been with the Authority since 1995. A former president of the Insurance Institute of the Isle of Man and with a life-time career in insurance, he has a wealth of relevant experience and is already well known to the captive and general insurance market on the Island. He will be reporting to IPA Deputy Chief Executive David Vick in his new position.
With in excess of 150 'captive' insurers managed in the Isle of Man and funds amounting to some £2.5 billions the sector is very important to the Isle of Man's economy.
Bill Hastings is highly alert to the changing environment for Captive insurance business. New risk management needs are emerging. New types of Risk Financing vehicles are on the horizon. New products are being developed. E- Commerce opportunities need to be considered.
"It is important that the Isle of Man adapts to these changes and the appointment of Glyn as a focus for this activity is a further step in the process of accommodating change".
The importance of planned liaison with the market place he sees as key and this will continue to be so. Jim Boyd, who has recently been appointed to the Chair of the Manx Insurance Managers Association welcomes this change.
"This is an entirely appropriate move. The Isle of Man hosts the Captive insurers of many household names whose new risk demands encapsulate special purpose vehicles, alternative risk transfer mechanisms, cell companies and the like. I welcome the IPA's decision to give our segment increased focus"
The IPA together with the Manx Insurance Managers' Association is examining how the island might better serve these new needs whilst at the same time not discounting the fact that the Captive insurer in its traditional form may be entirely suitable to the less mature and emerging markets.
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