Appleby has successfully advised Ilex Global Reinsurance Company ISPV Limited (Ilex) in connection with its application to be authorised as an insurance special purpose vehicle; the first authorisation of its kind in the Isle of Man.
Ross Dennett, the Chairman of Thomas Miller Captive Management, which acts as Ilex’s insurance manager, commented: “As the first application for an insurance special purpose vehicle authorisation in the Isle of Man, this was always going to be a complex matter that required expert navigation through a range of novel legal issues. Appleby’s support and guidance through the process has been absolutely critical. They are skilled at distilling complex legal/regulatory issues into practical and user-friendly advice, and their responsiveness is first-class.”
Garry Manley, who led the Appleby team, reflected: “We are very proud to have assisted Ilex and the Thomas Miller team on this ground-breaking matter. Obtaining the first authorisation of its kind was always going to be a challenge, but we were able to draw on Appleby’s vast knowledge of the global insurance-linked securities market to make the process as efficient as possible for our client. The Isle of Man Financial Services Authority team was pragmatic and approachable throughout, and we were delighted that the application was approved within just two-and-a-half days of submission.”
Alan Rowe, of the Isle of Man Financial Services Authority, added: “The speed of turnaround reflects the applicant’s lead-up preparation, supported by legal advice, and the quality of the completed application.”
Appleby has vast knowledge and experience of advising on all aspects of insurance and reinsurance matters. As well as having the Isle of Man’s pre-eminent insurance and reinsurance practice, Appleby has an award-winning global (re)insurance practice, with lawyers in significant jurisdictions including Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Hong Kong, meaning it is uniquely positioned to advise clients seeking to carry out (re)insurance business, or transact with (re)insurers, in those jurisdictions.