Captive Advanced Workshop

Day one

08.30  Registration and Coffee

09.00  Welcome from Chair

            Michael Graham, Guernsey Financial Services Commission

09.15  Developments in captives, market overview and enterprise risk

           management

·  New structures and applications

·  How the captive and external markets interact

·  ERM and captives-what you need to know

10.15  Solvency II- opportunities and threats for captives

           An interactive panel discussion on the impact of Solvency II on captives.

           The speakers will address the issues arising from new legislation within a

           number of areas, and explore the effect this can have on captives.

           A Q&A session will follow.

           Kieran Barnes, Financial Services Authority

           Paul Hopkin, AIRMIC

11.15 Refreshment break

11.30 Customer Insurance - The Good, the Bad and the Ugly

·  Why and how you might consider involving a captive in Customer Insurance

·  What are the types of coverage one might consider

·  The potential benefits

·  The possible downside or pitfalls

·  Two case studies: A happy outcome and a not so happy outcome

   Nick Wild, JLT

12.30 Lunch

13.30 How to evolve a captive reinsurance programme

·  Building an evolutionary reinsurance programme

·  Managing the reinsurance cycle

·  Alternative programme techniques

·  Strategies for programme stability

          Oliver Schofield, Aon

14.30 Governance of captives- the emerging picture in various domiciles

·  We are not alone: global forces affect captive domiciles (IMF, IAIS etc)

·  Ripple effects of Solvency II- not just EU domiciles

·  Convergence across domiciles, toeing the line

·  Practical implications for captive boards and owners

          Julian Phillips, JP Risk

15.30 Refreshment break

15.45 Case study 1: Main audit risks and audit approach related to captive financial statements      

This session will provide an overview of main risks related to the audit of IFRS financial statements of captives and consequent audit approaches. The session will include real life examples and scenarios in order to interact with participants.

Jérôme Lecoq, Deloitte

17.15 Networking drinks

Day two- option one

09.00 Welcome refreshments

09.30 Banking: requirements and solutions for captives

·  The banking needs of captives, and the requirements of banks- what to expect

·  Services available

·  What captives should consider when appointing bankers

           Colin Freeman, Barclays Wealth, Captive Insurance Team

10.30 Captive technology

·  Offshore & outsource captives in India

·  Business model old and “new age”

·  Solutions in business & technology architecture

·  Strategies offshore & transition

·  Branding technology & offshore operations

Sjoerd van der Meulen, Satyam

11.30 Refreshment break

11.45 Case Study 2- writing a different type of risk into a captive

           Using case studies, the presenter will explore the types of risk now being

           written into captives, and look at which work best and why

           Nick Marshall, Marsh

12.45 Lunch

14.00 Captives - tax and transfer pricing consideration

·  Premium deductibility

·  Residency

·  Transfer pricing implications

·  Tax structuring

Jaap Reyneveld and Jens Karreman, KPMG Meijburg & Co. Netherlands

15.00 Closing a captive, redomiciling and schemes of arrangement

16.00 Afternoon coffee and end of workshop

Day two- All day break-out on PCC’s

09.00 Welcome refreshments

09.20 Welcome from Chair

           Dominic Wheatley, Willis International Captive Practice

09.30 Introduction to PCC’s

·  Key concepts

·  Comparative jurisdiction

·  Insolvency issues.

          Grant Jones, Squire Sanders & Dempsey

10.30 Tax and PCC’s

·  The UK tax treatment of PCCs for both managers and cell shareholders

·  Potential problems, pitfalls and opportunities for UK resident cell holders

·  The potential impact of proposed future changes to the UK taxation of foreign profits

·  The tax treatment of PCCs in other jurisdictions

            Tony Mancini, KPMG Guernsey           

11.30 Refreshment break

11.45 Guernsey cell captives: An overview  

·  Legal and regulatory considerations

·  PCC’s and ICC’s in detail

·  Insurance transactions

           Christopher Anderson, Bedell Group

12.45 Lunch

14.00 Protected cells: Practical Considerations and Illustrations

• Suitability of model
• Preparation of business plan
• Application process
• Regulatory reactions
• Other practical considerations

            David Mifsud, Atlas

15.00 Case study

          In this interactive session, delegates will be given a series of scenarios

          and case studies to discuss in groups in order to fully understand the

          workings of a PCC, the best uses, and related issues.

          David Mifsud and panel          

16.00 Afternoon coffee and end of workshop