26 Oct 2020
deVere Group, one of the world’s largest independent financial advisory and fintech organisations, has had its application for a Guernsey-based Captive approved by the Guernsey Financial Services Commission (GFSC).
It is the first time the Group has applied and obtained an insurance company licence in northern Europe.
The newly established White Knight Limited, a wholly-owned subsidiary, will be led by a stellar team of directors who include the deVere Chairman, Peter Hobbs.
The other leading industry figureheads on the Board are Peter Moffat, who was formerly with the Guernsey Financial Services Commission and Bank of England; and David Moore, one of the UK’s leading corporate lawyers.
Handling White Knight’s insurance management is Alternative Risk Management (ARM), a leading independent manager based in Guernsey.
deVere Group CEO and founder, Nigel Green, comments: “This represents a further positive development for deVere, which continually seeks to grow and adapt in order to meet evolving market conditions.
“I’m delighted that we have gathered together a very experienced local board of the highest calibre in Guernsey along with excellent insurance managers.”
He continues: “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. 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.”
Mr Green adds: “The Group was well-minded that White Knight should more than meet its Minimum Capital Requirements (MCR) as well as its Prescribed Capital Requirement (PCR) to ensure stability.”
For his part, Chairman Peter Hobbs observes: “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. It underscores the Group’s proactive approach to all our business operations.”
The deVere Group CEO concludes: “This new arm of the Group will further strengthen our position as market leaders in the international advisory arena and further demonstrate our long-term commitment to all of our stakeholders.”