Barclays Wealth and Investment Management has recruited Simon Phillips to head up captive insurance.
Phillips’s Jersey-based role will include working with the existing multijurisdictional team to broaden the captive insurance scheme whilst developing the Barclays franchise in key captive locations.
Paul Savery, managing director of Barclays International, Intermediaries and Direct, said: “I’m pleased to welcome Phillips into this newly created role, which signals our confidence in our refreshed offering which, based on our deep industry knowledge, has seen us join up our banking, investment and trust expertise for the benefit of clients.”
“With significant changes being experienced across all sectors of the financial services industry, Simon’s experience and expertise in the captive insurance sector will ensure Barclays continues to meet the specific needs of our clients,” added Savery.
Commenting on his new role Phillips, said: “The insurance industry as a whole has faced significant challenges in recent years as a result of the global economic situation, which has given parent companies and captive managers much to consider. However, the best captive parents and managers are using this as an opportunity to consider other options that could help them more efficiently manage their captive.”
“Regulation in the captive insurance sector is likely to be the subject of ongoing change, and the main challenge will be to interpret and plan ahead for those changes. I am looking forward to working with the team and colleagues across the wider Barclays group to support our clients in realigning opportunities by providing access to our expertise in investment and trust management, ensuring that this is supported by a high level of consistent client service.”
