BDO was the winner of the Accounting Specialist category of the European & UK Captive Awards 2018 at a ceremony in Luxembourg this month. The judges were looking for a firm which showed clear understanding of captive clients’ specific and unique requirements.
The judges said: “BDO’s significant Guernsey operation and market share impressed the judges and the firm demonstrated a strong commitment to the insurance industry – particularly traditional captive business and insurance-linked securities (ILS) structures. BDO also demonstrated a high degree of flexibility, most notably in its accounting work with innovative protected cell companies on island.”
Audit director, Nathan Hodder, who collected the award on the firm’s behalf, said: “Following on from winning at the UK Captive Awards last year, it is gratifying to gain recognition amongst our wider European peers for the work that we do. Our team puts a lot of effort into remaining at the forefront of developments in the industry and gaining a deep understanding of what makes insurance clients different so that we can offer them the best possible service. We’re pleased that the expert judges have recognised our team’s dedication to the sector.”
The insurance team has developed and coded a bespoke audit model for ILS structures, designed specific audit tests to address the regulatory requirements of solvency rules in Guernsey and held interactive sessions with a number of insurance managers to explain the goal for each stage of the audit process and what exactly is needed. These processes demonstrated to judges that BDO has been innovating not just in their own work but in order to make things easier for those within the industry.
BDO has also demonstrated a commitment to helping the industry develop, both in terms of offering ongoing training to staff working in its insurance sector team and by supporting GIIA particularly in starting up their Insurance Development Forum.
200 risk and insurance professionals attended the awards ceremony to see the winners which also included Guernsey, which won the award for Non-EU Domicile.
