Thomas Miller Captive Management Launch the Isle of Man’s First Insurance Special Purpose Vehicle Authorisation
Thomas Miller Captive Management has successfully launched the Isle of Man’s first Insurance Special Purpose Vehicle Authorisation (“ISPV”); the first authorisation of its kind in the Isle of Man.
Ilex Global Reinsurance Company ISPV Limited “Ilex” was authorised by the Isle of Man Financial Services Authority “IOMFSA” on 8th February 2023, with the application approved by the IOMFSA in just two-and-a-half days from submission.
Appleby Isle of Man was appointed as the legal advisor to Ilex.
Given the limited recourse nature of the ISPV proposition, and the need for sophisticated buyers, ISPV’s offer a quick to market insurance solution with a significantly reduced capital and regulatory burden over the more traditional insurance structures.
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. I am delighted with the responsiveness and approach taken by the IOMFSA on this matter, who have been pragmatic and approachable throughout the process.”
Alan Rowe, Senior Manager at the IOMFSA, commented: “The speed of turnaround reflects the applicant’s lead-up preparation, supported by legal advice, and the quality of the completed application.”
As the first insurance manager to obtain an ISPV authorisation, Thomas Miller Captive Management Limited would be delighted to discuss the use of ISPV’s with our clients (old and new) and look forward to seeing a greater number of these structures in the Isle of Man in the future.