The history of Insurance Capital Partners
ICP Group was established and commenced underwriting for the 2006 year of account, having taken over the business previously under the Christie Brockbank Shipton banner. The acquisition of the CBS business was led by Jonathan Marland, one of our directors, and included, amongst others, the late Charles Harbord-Hamond, the managing director of CBS, who became the CEO and leading light of ICP.
Investors, many of whom had been former CBS Names, provided Funds at Lloyd’s (FAL) as limited partners in Insurance Capital Partners LP to ICP Capital. This corporate Member, along with its Members’ agent, ICP General Partner, were both subsidiaries of ICP Holdings. The provision of FAL was made through a FAL provision agreement through a Guernsey based company, and the profits were then distributed as foreign investment income.
In 2015 the group was restructured to meet two issues. First, as an investment partnership, there would be no business property tax relief on any cash FAL or pipeline profits. Secondly, the ICP management wanted a more robust structure that would include a mechanism for a qualifying reinsurance contract and provide business relief under the HMRC rules.
n mid-2023, ICP received a “variation of permission” approval from Lloyd’s and the FCA to act as a full members agent at Lloyd’s from 1st January 2024.