Polo Insurance Managers (PIM), an independent, licensed insurance manager within the PoloWorks group, has launched Clockwork Re, a newly established Category 4 Commercial General Reinsurer backed by third-party capital and with a collateralised business remit, based in Guernsey. Clockwork Re has reportedly been formed to access “superior insurance returns” from Lloyd’s of London, the specialist insurance and reinsurance market place, as well as other collateralised reinsurance markets too.  In addition, Clockwork Re has secured regulatory approval from the Guernsey Financial Services Commission (GFSC).  Clockwork Re was founded by Dhruv Patel, a respected capital provider at Lloyd’s, who serves as a Director of the Association of Lloyd’s Members (ALM), and Deputy Chairman of the High Premium Group.  Patel is a well-known private capital allocator to the Lloyd’s marketplace and this new company appears to be an extension of those activities, including into the collateralised reinsurance space.  He is an admitted Lloyd’s underwriting member and joins forces with others under the High Premium Group to deploy private capital to insurance and reinsurance underwriting opportunities in that market.Commenting on the launch, Patel said: ‘I am thrilled to announce the formation of Clockwork Re.The professionalism and efficiency demonstrated by service providers and regulators in Guernsey has been impressive, enabling us to launch in time for the critical 01/01 renewal period with confidence.

Polo Insurance Managers have been instrumental in taking this project from concept to reality, and I am excited to bring my experience to this dynamic jurisdiction.” Mark Elliott, CEO Polo Insurance Managers, said: “We are pleased to have supported Dhruv on this unique formation, which is a testament to our ability to structure and manage complex transactions for our clients in short timeframes.We are excited that Clockwork Re selected Polo Insurance Managers in Guernsey as its insurance manager, and this further endorses Guernsey’s status as the European domicile of choice for specialist insurance management solutions.” If you recall, The insurance manager provides services to captive, commercial and insurance-linked securities (ILS) clients..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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