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David Riley has been appointed to Robus Group Limited as a risk consultant.
With 24 years’ experience in the Guernsey insurance industry, he most recently worked on an innovative longevity swap transaction so complex that it involved eight sets of lawyers, using an incorporated cell approach.
He will be utilising this expertise in his new role at Robus where he will lead on the setting up of the first fully independent longevity swap incorporated cell company (ICC) for the business.
Longevity is used as a hedge by life insurance companies to de-risk their policies.
“Guernsey is a domicile of choice for such complex insurance transactions, seen as conveniently accessible from the UK and with a mature community of advisers and lawyers,” Mr Riley said.
“We have the right expertise, the right location and significant momentum.
“Robus will have the ability to offer pension schemes the opportunity to use ICCs to carry out longevity swaps as effectively and efficiently as possible in a simplified format.”
Mr Riley has a wide range of expertise, from captive insurance companies to insurance-linked securitisation, and he helped set up and ran an office in Malta, giving him first-hand experience working in a Solvency II compliant onshore domicile.
He is a qualified chartered accountant, a former chairman of the Guernsey International Insurance Association (GIIA).
Richard Le Tocq, CEO of Robus Group, said: “David’s insurance career track record speaks for itself. He brings to Robus a deep understanding of the processes and practicalities of longevity swaps which will be an asset to the growth and development of this new area of business for us.”
