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ILS Fact Sheet

INSURANCE LINKED SECURITIES (ILS)


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INDEPENDENT FUND ADMINISTRATION

Regulated by the Bermuda Monetary Authority (BMA), Centaur Fund Services (Bermuda) Limited (Centaur) provides independent administration services to ILS reinsurer and fund structures including set-up and structuring, governance and compliance services, investor services and AML, and accounting services.

Precision and consistency are core to Centaur’s ethos. Our ILS team is comprised of specialists working exclusively in the asset class. The team has the essential expertise and experience to service sophisticated ILS structures.

Centaur can provide administration services to an ILS Manager from pre-launch to an active ILS structure:

1. SET-UP AND STRUCTURING SERVICES

The Dedicated team provides the expertise and assistance to ensure a seamless launch (or transition) of ILS structures. We support our clients by providing the following services:

  • Detailed review to provide recommendations and comments on the structuring and constitutional documents as required.
  • Assisting on fund structuring, including valuation and side pocket policies.
  • Integrating data and conversions.
  • Implementing operating procedures.

2. GOVERNANCE AND COMPLIANCE SERVICES

Centaur’s Compliance Team has an in-depth knowledge of the unique governance issues faced within ILS. Centaur manages a broad range of compliance processes, delivering greater accountability to your ILS products. Services include:

  • Providing Principal and Segregated Account Company Representative services.
  • Acting as secondary signatory on bank accounts ensuring wires are only processed for bona fide transactions including first approval on collateral transfers to trust account.
  • Responding to due diligence queries.
  • Statutory filing such as BMA and other regulatory solution services including FATCA, CRS, AIFMD (Annex IV) and Depository Lite Services.
  • Bermuda Stock Exchange Listing Sponsorship.
  • Coordinating Independent Directorships.
  • Providing Corporate Secretary.

3. INVESTOR SERVICES AND AML

Centaur’s comprehensive Investor and AML Services include:

  • Reviewing and processing of all investor dealing transactions including subscriptions, redemptions, transfers, switches and side pocketing.
  • AML verification, investor identification checks and source of funds analysis. Ensuring investors meet suitability requirements.
  • Issuing contract notes, valuation statements and maintaining share registers.
  • Preparing periodic investor reporting.
  • Processing dividends and distributions.

4. ACCOUNTING SERVICES

The following Accounting Services are delivered by our specialists, who have the relevant understanding of the accounting and investor intricacies associated with the ILS market:

  • Calculate Net Asset Values for the reinsurer and ILS funds, including calculation and allocation of administration, management, incentive fees and other accruals.
  • Independently verifying and valuing all positions in accordance with fund documents by utilizing third-party sources.
  • Preparing unaudited financial statements, statutory financial statements and returns, and coordinate annual audit, if needed.
  • Reconciling portfolio positions, activities and cash with banks and custodians.
  • Independently recalculating premium, acquisition costs and net underwriting income.
  • Reviewing and recording of incurred losses and loss reserve.

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Copyright © 2018 Centaur Fund Services Limited

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Centaur Fund Services Limited is registered in Ireland, registration no. 466593 and is authorised and regulated by The Central Bank of Ireland (C54849) under the Investment Intermediaries Act 1995. Registered Office: 2 Custom House Plaza, Harbourmaster Place, IFSC, Dublin 01 V9V4, Ireland.
Centaur Financial Limited is registered in Ireland, registration no. 534264. Registered Office: 2 Custom House Plaza, Harbourmaster Place, IFSC, Dublin 01 V9V4, Ireland.
Centaur Fund Services (Bermuda) Limited is registered in Bermuda, registration no. 50967 and is licensed by the Bermuda Monetary Authority under the Investment Funds Act 2006. Office Location: Ideation House 94 Pitts bay Road, 1st Floor Pembroke HM 08 Bermuda.
Centaur Fund Services (Cayman) Limited is registered in the Cayman Islands, registration no. 312745 and is licensed by the Cayman Islands Monetary Authority under The Companies Management Law (2003 Revision). Registered Office: 1st Floor, Landmark Square, 64 Earth Close, P.O. Box 714, Grand Cayman KY1-1107, Cayman Islands.

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