In spite of the unprecedented impacts of the Covid-19 pandemic on sectors of all shapes and sizes, when it comes to servicing the insurance-linked securities (ILS) sector during this challenging time, Guernsey did not miss a beat.
This is according to Jutta Kath, Head of Transaction Management at Schroder Secquaero, who, speaking as part of a panel during today’s ILS Insight Webinar hosted by Guernsey Finance, addressed the impact of Covid-19 on the jurisdictions servicing capabilities.
“I would say Guernsey never missed a beat when it came to servicing during this very difficult time… All the Guernsey employees were sent home with company laptops and we could immediately connect with them.
“That was extremely important for us because at that time we were entering the second most important renewal of the year, the June and July renewals, and the Asia renewal was in full swing. And, Schroders has very high standards when it comes to assessing our service providers, and we did numerous tests. But, this was the real test and there were never any issues.
“So, again, you (Guernsey) never missed a beat and we are very happy with how you could service us.”
Fellow panellist Richard Sharp, a Partner in the Guernsey office at law firm Bedell Cristin, stressed that it’s testament to the island that the infrastructure that was in place prior to the pandemic meant that Guernsey was very well prepared in a lot ways.
“What we did do is we were able to adapt and be flexible in those areas that needed to change a little,” said Sharp.
The panel was moderated by Steve Britton, Managing Director at insurance and reinsurance broker Aon’s Insurance Management division, who also highlighted the ability of the region to respond and adapt during a time of crisis.
“I love the fact that I can sign things electronically, I think that’s always important. I think the way Guernsey reacted to substance requirements and allowing some flexibility there really aided Guernsey being responsive,” said Britton.
Adele Gale, Client Service Director & Group Head of ILS at Robus Group, also featured on the panel and offered some thoughts around how service providers generally adapted during Covid-19.
“To Jutta’s point, it’s sort of business as usual,” said Gale. “We enacted our business continuity plans, generally, across the office and carried on as normal. And that extends to the regulator as well, who were also continuing to process applications and interact as you’d expect through the period.”