ILS Insight

The Origin of Innovation
Tuesday 13 July 2021

ILS Insight

Innovative Guernsey

Mark Helyar

Mark Helyar

Deputy - Policy & Resources Committee, The States of Guernsey

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Mark Helyar

Deputy - Policy & Resources Committee, The States of Guernsey

Mark Helyar is a Guernsey lawyer with a specialist practice in reinsurance, insurance and ILS. He has advised foreign governments in Europe, the Middle East and Asia and their regulatory authorities on the drafting, inception, regulation and use of insurance and reinsurance structures and legislation as well as acting as an expert witness. During his career he and his team have won a number of nominations and international awards for insurance and reinsurance transactions, including the world’s first private listed CAT bond (Solidum) and the first ever Takaful securitisation structured as a Sharia compliant note (Salam III), life deal of the year 2016 (SQ Re Vita II, Trading Risk Awards). He was recently involved in the creation of the first ever humanitarian CAT bond insuring against volcanic eruption risk for the Danish Red Cross (Replexus Re). Mark became a Guernsey politician in 2020 and is the treasury representative on Guernsey’s senior political committee, where he is also responsible for government’s relationship with the financial services regulator.

Technical showcase

Cedric Edmonds

Cedric Edmonds

Founder - Replexus

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Cedric Edmonds

Founder - Replexus

Cedric Edmonds is an Associate of the Chartered Insurance Institute (ACII) and holds a BA (Hons) in accounting and finance. He began his reinsurance career at Catlin Underwriting Agencies in Lloyd’s of London in 1994 and moved to Swiss Re, Zurich and then Allianz Risk Transfer, the alternative (re)insurance company of the Allianz Group. He joined Solidum 2008 setting up Solidum Re (Guernsey) ICC Limited in 2009 doing the ILS market's first ever ‘Cat Bond Lite’ issue in early 2010. In 2012 Cedric was instrumental in the first ever listing of a catastrophe linked note in Guernsey, when he listed the $52.5m Eiger Re transaction and was the first person to settle a securities issue on a blockchain in 2017 and went on the be the first to list a blockchain-settled security on a recognised exchange (TISE) in 2018.

Cedric left Solidum to create Replexus, a group that structures, issues and settles ‘Cat Bond Lite’ securities on a blockchain. Replexus's first transaction was the Dunant Re 2021-1 VE notes issued for the Danish Red Cross. This is the first humanitarian and volcano-only cat bond providing proceeds to the Red Cross in the event of one of the covered volcanoes erupting. With a parametric trigger it provides instant funds for the Red Cross to deploy ahead of the ash-cloud falling to earth in an example of ‘forecast-based financing‘.

Gus Majed

Gus Majed

Group CEO & Founder - Paratus Group

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Gus Majed

Group CEO & Founder - Paratus Group

Gus Majed is CEO and Founder or Paratus Group, the world's first parametric energy price insurance company, based in Guernsey and capable of writing cover against marine fuel, freight (wet & dry), jet fuel, LNG, gas, carbon emissions, power and crude oil.

Prior to this, Gus spent more than 25 years as a front-line oil trader as former Partner and Senior Trader at Vitol, the world's largest energy trader, where he co-founded the global derivatives business in London, Geneva and Singapore. He has also held senior oil trading positions at Shell Trading & Shipping and Hess Energy.

Gus co-founded hedge fund Beca Macro Commodities Fund, a specialist oil & refined products Cayman (CIMA) regulated asset manager. He is a graduate of the University of London (Civil Engineering) & Cambridge University (Economics).

Panel session

Cedric Edmonds

Cedric Edmonds

Founder - Replexus

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Cedric Edmonds

Founder - Replexus

Cedric Edmonds is an Associate of the Chartered Insurance Institute (ACII) and holds a BA (Hons) in accounting and finance. He began his reinsurance career at Catlin Underwriting Agencies in Lloyd’s of London in 1994 and moved to Swiss Re, Zurich and then Allianz Risk Transfer, the alternative (re)insurance company of the Allianz Group. He joined Solidum 2008 setting up Solidum Re (Guernsey) ICC Limited in 2009 doing the ILS market's first ever ‘Cat Bond Lite’ issue in early 2010. In 2012 Cedric was instrumental in the first ever listing of a catastrophe linked note in Guernsey, when he listed the $52.5m Eiger Re transaction and was the first person to settle a securities issue on a blockchain in 2017 and went on the be the first to list a blockchain-settled security on a recognised exchange (TISE) in 2018.

Cedric left Solidum to create Replexus, a group that structures, issues and settles ‘Cat Bond Lite’ securities on a blockchain. Replexus's first transaction was the Dunant Re 2021-1 VE notes issued for the Danish Red Cross. This is the first humanitarian and volcano-only cat bond providing proceeds to the Red Cross in the event of one of the covered volcanoes erupting. With a parametric trigger it provides instant funds for the Red Cross to deploy ahead of the ash-cloud falling to earth in an example of ‘forecast-based financing‘.

Adele Gale

Adele Gale

Director & Group Head of ILS - Robus Group

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Adele Gale

Director & Group Head of ILS - Robus Group

Adele is deputy Chair of the Guernsey International Insurance Association and a director of Robus insurance managers in Guernsey.

Adele is a Fellow of the Institute of Chartered Accountants with more than 10 years’ experience in insurance management. She has sat as a director on a number of captives providing property, cyber, employee benefits and employers liability, PI and D&O cover to their parent entities.

During 2020 Adele worked with GIIA to develop the first domicile ESG Framework for insurers and has lead ESG initiatives at Robus transforming the business to be more sustainable.

Gus Majed

Gus Majed

Group CEO & Founder - Paratus Group

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Gus Majed

Group CEO & Founder - Paratus Group

Gus Majed is CEO and Founder or Paratus Group, the world's first parametric energy price insurance company, based in Guernsey and capable of writing cover against marine fuel, freight (wet & dry), jet fuel, LNG, gas, carbon emissions, power and crude oil.

Prior to this, Gus spent more than 25 years as a front-line oil trader as former Partner and Senior Trader at Vitol, the world's largest energy trader, where he co-founded the global derivatives business in London, Geneva and Singapore. He has also held senior oil trading positions at Shell Trading & Shipping and Hess Energy.

Gus co-founded hedge fund Beca Macro Commodities Fund, a specialist oil & refined products Cayman (CIMA) regulated asset manager. He is a graduate of the University of London (Civil Engineering) & Cambridge University (Economics).