Guernsey-based mutuals and captives manager Thomas Miller Risk Management has appointed Callum Beaton as chief executive officer. The company said Beaton would expand captive business among multinationals and other large organisations.
Guernsey-based mutuals and captives manager Thomas Miller Risk Management has appointed Callum Beaton as chief executive officer.
The company said Beaton would expand captive business among multinationals and other large organisations.
The appointment follows Thomas Miller's acquisition last September of CGNU's interests in captive management operations. Previously, the two companies had run joint ventures in London, the Isle of Man and Guernsey.
Beaton will head an eight-strong team based in St Peter Port.
Thomas Miller said it was seeking to build on recent successes in creating captives in shipping and construction and other sectors, and will be looking particularly at the UK and South Africa in the near future.
However, it said, it planned to do business in a wide range of countries and industrial and commercial sectors.
Beaton said he believed that the main advantage of a captive approach for large organisations was greater control over their insurance affairs.
He added that the captive structure embraced the nature and extent of cover, a wider view of premium, reinsurance and brokerage costs, better recognition of deductibles in premium charges and wider skills and economies of scale in investment operations and administration.
Thomas Miller specialises in the management of mutual insurance clubs, the largest of which is the UK P&I Club, which insures around one-fifth of the world's merchant fleet against third party liabilities.
