City chooses island’s JLT for its captive

Monday 31st January 2011, 2:30PM GMT.

JLT Insurance Management MD Nick Wild, left, with City of London Finance Committee chairman Philip Willoughby and Chief Minister Lyndon Trott. (Picture by Peter Frankland, 1082581)

A HIGH-level appointment has gone to Guernsey’s captive insurance sector.

The City of London Corporation has chosen JLT Insurance Management Guernsey as the insurance manager of City Re Ltd, a newly-formed reinsurance company established by the City of London Corporation to underwrite some of the risks of the extensive portfolio of properties for which the corporation is responsible.

The deal was agreed in the island last week, with Chief Minister Lyndon Trott in attendance to welcome the City of London Corporation to Guernsey’s captive insurance market.

JLT Insurance Management Guernsey managing director Nick Wild said it was a very prestigious appointment for the local business, which was established in 2000.