What's new on the Insurance Front?

April 2001

These are interesting times for the insurance industry and for AMS Insurance Management Services Limited.

After a very successful year 2000, we’ve just been granted a license to act as Insurance Brokers – another business stream to add to our captive management and non-captive insurance consulting businesses. Our BVI based team can genuinely boast having the only chartered insurer and qualified risk manager in the Territory and with personnel experienced in property & casualty business across several countries we’re well positioned to add value on the larger, more complex corporate accounts on both a retail and reinsurance basis.

The team has just recruited a highly experienced underwriter from AIG to further reinforce our skill set. (See the article welcoming Greg Taylor in this issue.)

On the captive side, the team attended the Captive Insurance Companies Association in Indian Wells, California and among the presentations attended, was a particularly good one on taxation given by Tom Jones of McDermott, Will & Emery – a leading tax expert on captives. The clear emphasis of the conference was the need for captives to clearly demonstrate non-tax reasons for their formation and existence and to document proper arms-length underwriting disciplines. It’s a theme we welcome, as we position to deliver objective underwriting services and rating to our captive clientele.

We’re seeing lots of new enquiries – particularly from employee leasing companies and medical groups keen to form captives, and 2001 promises to be another exciting year for us.