| Offshore Insurance Companies
Our insurance consultancy
practice is dedicated to the actuarial, product and operational
needs of the international insurance industry. We work closely with life assurance
companies operating from offshore centres such as the Isle of Man, Jersey
and Guernsey to provide financial solutions for policyholders in the UK,
Far East, Middle East, Asia and Africa. This degree of specialisation,
coupled with the breadth of experience from advising our
clients in all major offshore centres (including start-ups in four) is
understandably
unique.
We also work closely with
insurance companies seeking to take advantage of the emerging single European
market created by the EC Third Life Directive – please visit the European
Cross-Border Life Assurance section of our site for details.
Our range of consultancy
services includes:
Start-up
Planning and Regulatory Applications
Preparation and/or review of financial projections
for start-up operations, both for management and regulatory
purposes, including consolidated financial forecasts.
Preparation of submission and business plan to regulatory
authorities. Ongoing liaison with authorities
after granting of approval on all regulatory matters,
including
periodic regulatory returns.
Product
Design, Analysis & Management
Design of new products to meet agreed objectives and
assessment of resulting profitability.
Production of detailed product specifications for administration
reference purposes. Draft policy wordings.
First hand knowledge of expense loadings, profitability
margins and financial experience of the offshore life
assurance industry.
Our Product
Updates service is a popular market intelligence
report providing detailed, contextual analysis of new
offshore life and pensions products.
LifeBase Offshore is
our market-leading product analysis software system
for product providers and intermediaries. An ideal
tool for product development, product management, broker
marketing and IFA product panel construction, LifeBase
systems
are used by leading life assurance companies and
intermediaries
around the world.
Appointed
Actuary services
We currently
act as Appointed Actuary for life offices based in
Ireland, the United Kingdom and the Isle of Man. Our
team includes four qualified actuaries and holds current
Appointed
Actuary certificates from both the Faculty of Actuaries
in Scotland
and the Society of Actuaries in Ireland.
Merger & Acquisition
Work
Financial, business and operational evaluation, including
due diligence, in connection with the acquisition or
sale of offshore life assurance companies, particularly
in the Isle of Man and Ireland.
Our experience includes the calculation of appraisal
value, due diligence and/or operational review
in seven separate assignments involving the acquisition
or proposed
acquisition of Isle of Man or Irish life assurance
companies – for
client companies based in the United Kingdom, South
Africa and Australia.
Technical
Training
Technical
training for life office staff - from basic introductory
courses on offshore life assurance up to specialist-level
technical and financial subjects for supervisory-grade
employees (including Financial Awareness and Legal,
Trust and Taxation subjects). Courses run from the Isle
of Man are able to utilise our fully equipped training
floor.
Our training facilities now also include our proprietary
computer based training (CBT) software for product
and anti-money laundering training and assessment.
Financial
Advice on all matters relating to financial control,
management information requirements and day-to-day management
of an international life assurance operation.
Advice on reassurance arrangements and providers.
Insurance
Management - Offshore Life Companies & Branches
The Isle
of Man offers attractive commercial opportunities for life
insurers seeking to establish offshore subsidiaries or
overseas branches. Subsidiaries are the appropriate
choice for companies seeking to market products to UK investors.
Overseas branches on the other hand are appropriate for
UK companies needing to offer gross roll-up products in
international markets (written for UK tax purposes as Overseas
Life Assurance Business (OLAB)).
Any UK-authorised insurer is able to apply for a permit,
enabling it to carry on gross roll-up business from the
Isle of Man. Isle of Man branches also offer product opportunities
for non-UK insurers (including South African life companies).
Boal & Co (Life Assurance Management) Ltd is a specialist
insurance management company, providing services and/or
full representation for overseas life branches and life
assurance companies in the Isle of Man. Boal & Co
(Life Assurance Management ) Ltd is registered as an
insurance
manager with the Isle of Man Government Insurance and
Pensions Authority.
General
Insurers and Captives
Non-executive
director services for Isle of Man captive insurance companies.
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