DeVere Group forms captive

The deVere Group has announced their formation of a captive, domiciled in Guernsey.

The pure captive, named White Knight, will be managed by Alternative Risk Management (ARM) which is also based in Guernsey.

DeVere Group is an independent financial advisory with more than $10bn under management.

This is the first time the group has applied for an insurance licence in Europe.

Directors of the captive include deVere chairman Peter Hobbs, lawyer David Moore, former Guernsey Financial Services Commission and Bank of England executive Peter Moffat.

DeVere Group CEO and founder Nigel Green said the formation was a good sign for the organisation, which was continuing to grow.

“This represents a further positive development for deVere, which continually seeks to grow and adapt in order to meet evolving market conditions,” he said. 

“I’m delighted that we have gathered together a very experienced local board of the highest calibre in Guernsey along with excellent insurance managers.”

Green also said that the main reason behind the formation of the captive was increasing insurance costs, particularly in professional indemnity cover.

“One of the drivers behind this move is that in recent years, particularly in the area of professional indemnity (PI) cover, the Group and its subsidiaries has seen premiums climbing rapidly,” the CEO said.

“This has made expense predictions for this cover somewhat difficult with some premiums doubling and trebling over the last few years. We, therefore, decided to take firmer control of the matter and will start to underwrite PI and selective other internal risks for its subsidiaries around the world.” 

Hobbs, who is sitting on the board of the captive, said the captive will help the organisation manage its risk profile. 

“The establishment of White Knight best positions us to review, respond to, and manage our company’s and its subsidiaries’ unique needs and risk profile,” Hobbs said. “It underscores the Group’s proactive approach to all our business operations.”

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