Polo Insurance coverage Managers (PIM), an impartial, licensed insurance coverage supervisor inside the PoloWorks group, has launched Clockwork Re, a newly established Class 4 Industrial Basic Reinsurer backed by third-party capital and with a collateralised enterprise remit, based mostly in Guernsey.
Clockwork Re has reportedly been shaped to entry “superior insurance coverage returns” from Lloyd’s of London, the specialist insurance coverage and reinsurance market place, in addition to different collateralised reinsurance markets too.
As well as, Clockwork Re has secured regulatory approval from the Guernsey Monetary Companies Fee (GFSC).
Clockwork Re was based by Dhruv Patel, a revered capital supplier at Lloyd’s, who serves as a Director of the Affiliation of Lloyd’s Members (ALM), and Deputy Chairman of the Excessive Premium Group.
Patel is a widely known non-public capital allocator to the Lloyd’s market and this new firm seems to be an extension of these actions, together with into the collateralised reinsurance area.
He’s an admitted Lloyd’s underwriting member and joins forces with others below the Excessive Premium Group to deploy non-public capital to insurance coverage and reinsurance underwriting alternatives in that market.
Commenting on the launch, Patel stated: ‘I’m thrilled to announce the formation of Clockwork Re. The professionalism and effectivity demonstrated by service suppliers and regulators in Guernsey has been spectacular, enabling us to launch in time for the crucial 01/01 renewal interval with confidence. Polo Insurance coverage Managers have been instrumental in taking this mission from idea to actuality, and I’m excited to deliver my expertise to this dynamic jurisdiction.”
Mark Elliott, CEO Polo Insurance coverage Managers, stated: “We’re happy to have supported Dhruv on this distinctive formation, which is a testomony to our skill to construction and handle advanced transactions for our purchasers briefly timeframes. We’re excited that Clockwork Re chosen Polo Insurance coverage Managers in Guernsey as its insurance coverage supervisor, and this additional endorses Guernsey’s standing because the European domicile of alternative for specialist insurance coverage administration options.”
In the event you recall, Polo Insurance Managers launched in February 2024. The insurance coverage supervisor supplies companies to captive, industrial and insurance-linked securities (ILS) purchasers.
