The representative body for the Isle of Man’s captive insurance industry, the Isle of Man Captive Association (IOMCA), has announced the appointment of a new Deputy Chairman, Simon Nicholas of KPMG Isle of Man.
Gaynor Brough, Chair of the Isle of Man Captive Association commented:
‘I’m delighted to formally welcome Simon Nicholas to the role of Deputy Chairman of IOMCA. Simon has played a key role in shaping the Island’s insurance value proposition and I look forward to working with him to take advantage of the many exciting opportunities which we have created.’
Simon Nicholas joined KPMG Isle of Man in 2010. Prior to moving to the Isle of Man Simon worked with the Bermuda reinsurance and captive markets for KPMG in Bermuda for nearly 7 years, and with the London and Lloyd’s markets for many years prior to that.
He has significant experience auditing and advising insurance entities, in particular captives.
Simon Nicholas commented:
‘I am delighted to be appointed as Deputy Chairman of IOMCA. The insurance industry in the Isle of Man has weathered the financial storm of the past few years exceptionally well and continues to grow from strength to strength repeatedly attracting new high quality companies to the Island.
‘As such, it is a very exciting time to be part of IOMCA and I look forward to working with the committee, and industry as a whole, to build on our strategy for growth and diversification.’
The Isle of Man is recognised as being one of the leading centres for captive insurance and has attracted high quality captive business from all over the world.
IOMCA members offer a broad range of captive management services ranging from small local operations to representatives of the world’s leading captive management groups.
The Isle of Man’s legislation offers a wide range of captive structures, including single-parent captives, association captives, rent-a-captives, Incorporated Cell Companies, Special Purpose Vehicles, Protected Cell Company (PCC) captives, limited liability partnership captives and captives writing third party business under limited third party authorisation.