Polo Insurance Managers (PIM), the Guernsey based insurance manager business within the PoloWorks group, announced the launch of Clockwork Re – a newly established Category 4 Commercial General Reinsurer in Guernsey.
Clockwork Re has been formed to access superior insurance returns from Lloyd’s of London and other collateralised reinsurance markets and has secured regulatory approval from the Guernsey Financial Services Commission (GFSC).
Dhruv Patel, the founder behind Clockwork Re, is a respected capital provider at Lloyd’s, a director of the Association of Lloyd’s Members (ALM), and deputy chairman of the High Premium Group.
“I am thrilled to announce the formation of Clockwork Re. The professionalism and efficiency demonstrated by service providers and regulators in Guernsey has been impressive, enabling us to launch in time for the critical 01/01 renewal period with confidence,” commented Patel.
“Polo Insurance Managers have been instrumental in taking this project from concept to reality, and I am excited to bring my experience to this dynamic jurisdiction,” he added.
“We are pleased to have supported Dhruv on this unique formation, which is testament to our ability to structure and manage complex transactions for our clients in short timeframes,” said Mark Elliott, CEO Polo Insurance Managers.
“We are excited that Clockwork Re selected Polo Insurance Managers in Guernsey as its insurance manager, and this further endorses Guernsey’s status as the European domicile of choice for specialist insurance management solutions,” Elliott said.
The establishment of Clockwork Re underscores Guernsey’s strategic importance as a global centre for insurance innovation and reaffirms Polo Insurance Managers’ commitment to delivering bespoke solutions that drive value for its clients.
About PoloWorks
PoloWorks is a leading Lloyd’s and London Market insurance services businesses and is made up of four divisions: Polo Commercial Insurance Services (PCIS), which provides specialist, outsourced services to around 40% of operators within Lloyd’s and the London Market; Polo Managing Agency (PMA), a turnkey Lloyd’s managing agency that offers a full suite of services for all stages of a syndicate’s life cycle; PIM is an independent insurance manager based in Guernsey and active in Europe, and PoloPartners, a joint venture with PwC UK that offers a tech-enabled and end-to-end service.
Source: PoloWorks
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