Changes to the way that Hansard Global operates internationally are set to continue with Group CEO Gordon Marr confirming that the company is lining up at least one, possibly more, further international outposts, as it structures its business to be ‘futureproof’ amid a changing international financial services backdrop.
But despite the changes, Marr has re-confirmed the company’s commitment to the Isle of Man as being “central” to Hansard as the organisation’s hub.
Marr, pictured below left, told International Investment earlier today that the establishment of a new insurance company in The Bahamas, would be followed by the creation of further international outposts. The company conformed that a base in Japan could potentially be the next jurisdiction in line.
He also outlined the company’s desire to be “futureproof” and while recognising the need for change, scoffed at suggestions that the move was largely driven by the introduction of the Isle of Man’s Conduct of Business Code rules which is set to go live in January 2019.
“This is something that we started two and half years ago,” said Marr. “It has probably taken a year to get to this point in The Bahamas. We will be doing more of this. Providing we keep that administration, reinsurance and efficiency that [in the Isle of Man] gives us an advantage. But regulation [change] is not just the Isle of Man it is everywhere.”
“The vast majority of our staff are on the Isle of Man. It is not a departure.”
New Bahamas base
As reported earlier today, Hansard Global plc, which is the London Stock Exchange listed parent company of the Hansard Group, announced that it is establishing a new insurance company in The Bahamas.
Hansard Worldwide Limited (HWL) was granted an external insurance licence by the Insurance Commission of The Bahamas (ICB) yesterday and is expected to commence trading in the latter part of 2018.
Hansard Worldwide Limited (HWL) will operate as part of the Hansard Group, alongside the Isle of Man based insurer, Hansard International Limited.
Marr said that the initial formation of the insurance company would see a local operator – J.S. Johnson, an insurance agency in the Bahamas – appointed as the insurance manager to HWL.
The Isle of Man will remain the company’s headquarters, with HWL operating alongside Hansard International.
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Marr pointed to the deal Hansard already has in Dubai with Union as an example of how the model works. “We have a reinsurance arrangement so it all comes back to the island where we can use our expertise,” he said. “Union now gives us full access to the UAE market.”
“This is not a reaction to The Code of Conduct. It is not a dilution in terms of how we want to operate in terms of regulatory standards at all.
“We are going to be transparent. There is going to be a KID document and pre and post client illustration documents. It won’t be exactly the same as the Isle of Man because they are a different regulator but we will be aiming to have our own quality standards.”