UK-based insurance services business PoloWorks has launched Polo Insurance Managers (PIM) in Guernsey after the Guernsey Financial Services Commission granted approval in principle.
The new business will support captive, commercial and insurance-linked securities clients.
Initially based in Guernsey, the executive team will be supported by the UK-based Polo Commercial Insurance Services team.
Guernsey-based reinsurance and ILS executive Mark Elliott (pictured), who is also CEO of new legacy insurer Marco Re, has been named CEO of PIM.
The announcement comes at the same time as Marco Capital has rebranded its recently merged Guernsey subsidiaries, Humboldt Re and Kelvin Re, to Marco Re.
The two companies were formed and managed under Credit Suisse ILS, with the merger of Kelvin Re into Humboldt Re being approved by the GFSC in December.