Financial advisory and fintech firm deVere Group has had its application for a Guernsey-based Captive approved by the Guernsey Financial Services Commission (GFSC).
The newly established White Knight Limited, a wholly-owned subsidiary, will be led by a team of directors that includes deVere Chairman Peter Hobbs.
Other Board figures include Peter Moffat, who was formerly with the Guernsey Financial Services Commission and Bank of England; and corporate lawyer David Moore.
“This represents a further positive development for deVere, which continually seeks to grow and adapt in order to meet evolving market conditions,” said deVere Group CEO and founder, Nigel Green.
“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,” Green explained. “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.”
Hobbs also commented: “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.”
“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,” Green concluded.
