Horseshoe Group is to expand its operations to Gibraltar with the establishment of Horseshoe Management Gibraltar.
The formation of Horseshoe Management Gibraltar follows months of work alongside government officials, representatives of the Financial Services Commission (FSC), local service providers and a hand-picked working group.
The group was made up of insurance-linked securities (ILS) bankers, service providers, investors and sponsors put together by Horseshoe CEO, Andre Perez in conjunction with the Gibraltar’s Ministry for Financial Services.
The working group assisted the FSC in finalising their ILS guidelines enabling Gibraltar to be open for ILS business within just four months.
Horseshoe Management Gibraltar has stated that it will build on the global expertise of the Horseshoe Group in attracting European sponsors and cedants for ILS structures such as catastrophes bonds, sidecars and collateralised reinsurance transformers.
“The establishment of Horseshoe Management Gibraltar will now give us more flexibility to manage ILS transactions in either European domicile depending on the clients’ preference” Perez said.
“My sentiment is that a good percentage of the growth is going to come from Europe. This is why I am quite bullish about Gibraltar’s potential for ILS.”
Gibraltar’s minister for financial services, Albert Isola, commented: “I am delighted to welcome Horseshoe to Gibraltar following its regulatory approval by [the FSC].”
“[Perez] and his team at Horseshoe have provided us with invaluable technical expertise and market knowledge together with the specialists in the working group that he coordinated and their decision to set up in Gibraltar is especially welcome.”
“We are keen to establish Gibraltar as a European ILS jurisdiction and this is an important and significant next step.”
The Horseshoe Group is in the process of recruiting staff already based in Gibraltar to support its ILS activities there.
