Dubai-based deVere Group has had its application for a Guernsey based Captive approved by the Guernsey Financial Services Commission (GFSC), the financial advisory firm announced this morning.
It is the first time the Group has applied and obtained an insurance company licence in northern Europe.
The newly-established White Knight Limited, a wholly-owned subsidiary, will be led by a stellar team of directors who include the deVere Chairman, Peter Hobbs.
This represents a further positive development for deVere, which continually seeks to grow and adapt in order to meet evolving market conditions."
The other leading industry figureheads on the Board are Peter Moffat, who was formerly with the Guernsey Financial Services Commission and Bank of England; and David Moore, one of the UK's leading corporate lawyers.
Handling White Knight's insurance management is Alternative Risk Management (ARM), a leading independent manager based in Guernsey.
DeVere Group CEO and founder, Nigel Green (pictured), said: "This represents a further positive development for deVere, which continually seeks to grow and adapt in order to meet evolving market conditions."
"I'm delighted that we have gathered together a very experienced local board of the highest calibre in Guernsey along with excellent insurance managers."
He added: "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. This has made expense predictions for this cover somewhat difficult with some premiums doubling and trebling over the last few years."
Peter Hobbs, the company's chairman, added: "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."
The deVere Group CEO concluded: "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."
Top-up scheme for next six months