In the Insurance Times Gibraltar Insurers 2017 supplement we incorrectly stated the SCR coverage ratio for Red Sands Insurance Company (Europe) Limited. It should have been reported at 140.9%, and we note that the company remains fully compliant with their Solvency II capital requirements
In the recently published Gibraltar Insurers 2017 report from Insurance Times there has been a correction to the SCR coverage ratio for Red Sands Insurance Company (Europe) Limited (RSE), which was incorrectly calculated as 99.9%.
The correct coverage ratio is 140.9% and the company remained fully compliant with the Solvency II capital requirements for the duration of the period covered by their Solvency and Financial Condition Report (SFCR).
The own funds held by RSE towards meeting its SCR requirement should have been reported as £44,066,910, not the £31,245,078 published in the report.
A corrected version of the full report can be found here.
Insurance Times apologises for any distress this may have caused the company.
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