Deposit aggregator expands into captive insurance sector
An aggregator of cash deposit accounts has expanded into the captive insurance sector by allowing clients of captive insurance manager SRS access to its cash deposit platform.
Flagstone International launched last year in Jersey and first offered its services to the trust sector.
It is now taking the service to the captive insurance sector. It platform allows trusts, funds, companies, and high net worth individuals to manage their cash deposits across multiple banks and jurisdictions using a single account.
"As part of FIL’s first steps into the captive insurance sector, it has given access to the European clients of Strategic Risk Solutions, the leading global independent provider of captive consulting and management services for the captive industry, access to the platform," the company said.
"The move into the captive space is a natural next step for FIL, given its platform is already widely available through a range of distributors such as trust companies, private banks, wealth managers and family offices."
Peter Child, CEO at SRS Europe said: "SRS provides our clients with the most innovative options when it comes to using their captive to better their business. When Flagstone International first came to me with this idea I thought it was an interesting option to ensure our clients can continue to manage cash deposits with ease.”
Damian Cocking, Head of Sales at Flagstone International added: “Having made great strides within the trust space, we recognised similar issues were arising for managers of captive insurance structures – both standalone and cell structures – which made this a logical next step for Flagstone International.
"We are very excited to be launching into the captive space and we look forward to rolling out our platform to other leading firms in this area of the market in the not-too-distant future.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
