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Captive Insurance Management Services
AI Summary
Network Rail Insurance Ltd, a wholly‑owned subsidiary regulated in Guernsey and tax‑domiciled in the United Kingdom, is seeking a specialist Captive Manager to provide comprehensive management services for its captive insurance company. The appointed Manager will be responsible for operating and fully managing the entity in a cost‑effective manner while ensuring regulatory compliance across all functional areas.
The required services encompass finance oversight, direct underwriting and complex reinsurance arrangements, limited claims handling for Benefit Disablement policies, and robust company governance. Additional duties include meticulous administration, financial crime prevention, data protection, and company secretarial functions, all coordinated from the Guernsey base. The engagement is slated to commence on 1 October 2026 and run until 30 September 2030, with a possible one‑year extension to 30 September 2031.
Throughout the contract term, the Captive Manager will maintain the company’s statutory and regulatory obligations, delivering governance and accounting practices that meet contemporary reporting standards. Accounting must be aligned to IFRS 17 standards.
Description
The required services broadly cover:
I. Finance
II. Insurance Underwriting (including direct writes and complex reinsurance arrangements)
III. Insurance Claims Handling (on a limited basis for Benefit Disablement policies)
IV. Company Governance (including accounting aligned to IFRS17 standards)
V. Administration
VI. Financial Crime
VII. Data Protection
VIII. Company Secretarial
Estimated date of publication of contract notice: 2026-02-09T23:59:59+00:00
Contract location: GG
Engagement process description
Network Rail is conducting a Preliminary Market Engagement activity to assess the markets capability and appetite to deliver captive management services for the Network Rail Insurance Ltd (The Captive), our wholly owned subsidiary company regulated in Guernsey, and Tax domiciled in the UK.
Indicative Scope of Services.
The captive requires a specialist Captive Manager for the provision of services to operate and fully manage the company on a cost effective, and regulatory compliant basis.
The required services broadly cover:
I. Finance
II. Insurance Underwriting (including direct writes and complex reinsurance arrangements)
III. Insurance Claims Handling (on a limited basis for Benefit Disablement policies)
IV. Company Governance (including accounting aligned to IFRS17 standards)
V. Administration
VI. Financial Crime
VII. Data Protection
VIII. Company Secretarial
We request your comprehensive feedback on the following questions which can be accessed via the following link: https://forms.office.com/Pages/ResponsePage.aspx?id=4cMswn9dTU--A9WhWMyUCWxW-vQrfhVCsEtb2F2HVmpUOFFHR1g5OVVZOEg5U0ROTjMwWkdLNTlJQS4u which aim to drive better outcomes (performance, risk management, compliance) and value for money (efficiency, cost control, innovation) for this critical service that is required to be based in Guernsey.
Procurement Approach
The Procurement process is expected to commence in early February 2026 (estimated). This PME is for information purposes only; no tender documents are available at this stage. Interested suppliers are encouraged to express their interest for the forthcoming tender via the link: https://forms.office.com/Pages/ResponsePage.aspx?id=4cMswn9dTU--A9WhWMyUCWxW-vQrfhVCsEtb2F2HVmpUOFFHR1g5OVVZOEg5U0ROTjMwWkdLNTlJQS4u
Suppliers interested and wishing to participate in the forcoming tender are required to submit an Expression of Interest (EOI) no later than 10 December 2025. Please note that any supplier failing to respond by this date may, at the discretion of Network Rail, be excluded from the tender process. Further details will be provided in due course
This PME does not constitute a call for competition.
Any procurement process will be published via Network Rail’s e-tendering portal Bravosolutions. Interested suppliers are encouraged to register on the Bravosolutions portal in order to access the tender when it is live.
The intent is to inform a potential future procurement exercise, which will be conducted in accordance with the Procurement Act 2023 (PA23).
Estimated Contract Duration
The Initial Term of this Agreement shall be four (4) years commencing on 01 October 2026 and ending on 31 September 2030. Extension: The Agreement may be extended for one (1) additional year upon mutual written agreement by both parties, subject to the same terms and conditions unless otherwise agreed in writing.
Lot: 1
This contract is subject to renewal: Yes
Languages in which tenders or requests to participate may be submitted: En