Thomas Miller (Isle of Man) Limited Acquires Castletown Insurance Services Limited
- Date: 02/12/2016
Thomas Miller (Isle of Man) Limited, the immediate parent of Thomas Miller Captive Management Limited (“TMCM”), is delighted to advise that it has acquired Castletown Insurance Services Limited (“CISL”).
TMCM and CISL have for a long time been the only two independent captive insurance managers on the Isle of Man. Both companies have successful businesses providing bespoke insurance management services to a portfolio of world class corporate clients and have separately been championing the “independent” cause for many years.
The Management at both CISL and TMCM are excited about the prospect of a combined entity and the opportunities it will bring. Importantly the majority of the existing CISL team will be joining the Thomas Miller family which will ensure continuity of service and the essential retention of tacit knowledge. The Managing Director and owner of CISL, Richard Drinkwater, will remain closely involved with his existing clients and has committed to continue as a director of the combined entity for at least three years.
Ross Dennett who will head up the combined entity said “We see this as a fantastic opportunity for both of our firms as it creates the largest independent insurance manager on the island. As well as the additional security of a larger client pool, the combination also brings great opportunity in terms of knowledge sharing and experience, which can only benefit all of our clients”.
Richard Drinkwater said “We and TMCM believe in the opportunities that our larger combined entity will offer. The cultures are very similar within the two businesses and we are fully committed to continuing to provide the high level of service that we strive to achieve”.
Work has been performed over a number of months behind the scenes to ensure that the joining of the businesses runs smoothly with as little impact on the clients as possible.
Ian Jarrett, who recently retired as Chairman of Thomas Miller (Isle of Man) Limited, dedicated several months to the discussion and negotiation process, said “It is particularly rewarding to end my career with Thomas Miller on this high note. This acquisition is great news for the Isle of Man office and gives our captive management operation a significant boost”.