The world's first hybrid vehicle for use in the
insurance-linked securities (ILS) sector will lead to increased
simplicity and efficiency for ILS fund managers, according to Carey Olsen Partner Christopher Anderson, who
created the concept with the support of the Guernsey Financial
Services Commission.
The Guernsey hybrid is a protected or incorporated cell company
that is both a licensed insurance company and a regulated
investment fund. It means ILS managers will no longer have to
'rent' cells of protected cell or segregated account
companies to act as Special Purpose Insurers (SPIs) and which are
often established in a different jurisdiction and operating
entirely separately from the ILS manager's fund.
