Christina Bell joined Davies just over a year ago as EVP and Head of Office for Davies Captive Management Guernsey. With a career spanning Bermuda, Zurich, London, and now Guernsey, she brings a wealth of global experience to Davies’ expanding captive management platform. We spoke with Christina about her international career, the evolution of the Guernsey business to become the leading domicile in Europe, and how Davies is positioning itself in a changing European captive market.

Tell us about your background and what ultimately led you into captive management.

After university I started my insurance career by joining the Risk Management division of UK based construction company. After several years building experience I switched from the client side to the broking side during which time I was seconded to London — and once you’ve experienced the London market, you really don’t look back. So, I subsequently joined Willis and stayed.

My first real exposure to captives came when I moved to Bermuda in the late 80s and worked for the captive of a major energy company and subsequently the mutual Oil Insurance Ltd – of which the majority of members and policy holders had captives. Some years later, at Swiss Re in Zurich, I was writing excess casualty lines for major multinationals in energy and pharmaceuticals, again the majority of which had captives. So, captives became a focal point for me from the early stages of my career.

Since then, I’ve served on the boards of three insurance managers including JLT (pre-Marsh), Aon and now Davies as well as numerous captives, holding senior roles in underwriting and management across multiple jurisdictions. The most rewarding aspect has been the people – the privilege of working with some incredibly talented colleagues and clients, many of whom remain lifelong friends.

How would you describe your first year, and how have you and the team positioned Davies Guernsey for growth?

The first year has been both intense and challenging but extremely rewarding. It’s been terrific getting to know the team in Guernsey as well as Davies colleagues in London, Bermuda, and the US. I’ve been impressed by the breadth of expertise across the Davies Group and the level of support I’ve received from senior leadership as we streamline the Guernsey operation.

The focus has been on aligning the Guernsey office with Davies’ global standards as well as strengthening links with other specialist teams across Insurance Solutions. We’ve now established a solid platform from which to grow. There’s renewed energy, and a clear momentum in Guernsey.  As soon as people heard we were in growth mode contacts got in touch.

The positivity has helped re-establish Guernsey as an integral part of Davies’ global captive management capability.

What opportunities do you see for growth in this next phase?

With the foundations in place, our focus is firmly on growth. We already have a robust pipeline with a stream of new enquiries reflective of the captive industry as a whole. One initiative gaining momentum is the establishment of a Davies PCC, extending the capabilities we already offer in Bermuda and the U.S. Guernsey’s fast-track regime provides a platform to set up cells within a matter of days when clients need an immediate solution, whist also supporting clients who wish to incorporate a wholly owned pure captive.

We are also onboarding new talent, including an experienced finance lead, to compliment the skill set of the existing team. Our recently appointed CEO for Davies Captive Management, James Ferris, is now a fellow director on the Guernsey board bringing fresh initiatives to the table and a vast amount of experience. Alongside senior figures such as Steven Crabb and Nick Frost, he’s helping to drive momentum across the global Davies captive management platform.

While our strategic focus is on captives and cells, Davies is also renowned for its expertise in the MGA sector. In the UK, we’re seeing more MGAs start to view captives as a strategic growth tool — and by leveraging that experience, we want Guernsey to be seen as the go-to Manager for MGA business.

What was it about captive management that attracted you and why is Guernsey such a significant hub for this business?

Captive management is endlessly fascinating because no two captives are the same. Each one is established with a different rationale and philosophy. whether that’s plugging gaps in a programme, accessing the reinsurance markets, managing volatility, and for all – retaining profit within the group.

That variety keeps the work stimulating, and it also requires a broad skill set regulatory understanding, technical expertise, and the ability to collaborate across borders. After years in casualty underwriting, where much of the work could feel similar from client to client, the diversity of captives was a real draw.

As for Guernsey, it’s a world-class domicile. The expertise and innovative spirit here are remarkable, and the regulator is both robust and approachable, which is a huge advantage.

Davies supports both traditional captive formation and the Lloyd’s Captive Syndicate model. How do you help clients think through which route best suits their needs?

For most clients, the decision comes down to their objectives, appetite for risk, and the scale of their operations. A traditional captive — whether standalone or cell-based — remains the most common route because it offers efficiency and flexibility.

That said, the Lloyd’s Captive Syndicate is a very strong option in the right circumstances. It allows corporates to write insurance directly into the Lloyd’s market, gaining the benefits of global licensing, brand strength, and market credibility, while still retaining the strategic control that makes a captive attractive in the first place.

In practice, most conversations we have are about whether a client should establish a standalone captive or use a cell. The Lloyd’s syndicate sits alongside those options as another route we can support, giving clients the flexibility to choose the structure that best meets their needs.

What advantages does Davies bring in terms of speed to market, multi-jurisdictional capability, and global support?

One of Davies’ greatest strengths is our global footprint. We have established captive management operations in Bermuda, Guernsey, the US, and Canada, whilst actively exploring other domiciles. This breadth allows us to support clients wherever their risk exposures lie, whilst maintaining consistent service standards.

Speed to market is another differentiator. I’ve already mentioned Guernsey’s fast-track regime for establishing cell structures. And by resourcing globally — with an operating model of our teams working cohesively across jurisdictions — we can deliver both agility and depth of expertise. That approach also gives our people exposure to international work and helps strengthen collaboration across the Group.

Captive launches often involve governance, fronting, and feasibility analysis. How does Davies guide clients through those complexities, and what differentiates your approach?

Captives are complex, but Davies has the right expertise and resources to handle every step.

Our company secretarial team ensures governance services are robust from the outset. Compliance is managed through a blend of local Guernsey expertise, dedicated Group resources in London, and specialist external advice where appropriate. For fronting, we rely on long-standing relationships with major carriers, built up over decades.

Feasibility analysis is another area where Davies adds value. We offer both in-house capabilities and external partnerships, depending on the client’s needs. That flexibility and breadth mean we can tailor the process while giving clients confidence that their captive is structured in the right way from day one.

You chair the Captive Working Group at the Guernsey International Insurance Association (GIIA). What themes are front of mind for the industry right now?

Chairing the working group keeps me closely connected with the wider industry. We collaborate across the market with a common goal of promoting Guernsey as a world class domicile and engaging with the regulator. It ensures we present a unified voice on key issues and stay ahead of developments.

A major focus at the moment is visibility. For example, next month a Guernsey delegation will be in London for a captive roadshow, promoting the message of “captives here and now.” The aim is to underline that Guernsey offers proven solutions today, at a time when much of the market’s attention is also on the proposed UK captive regime. The important point is that Guernsey continues to deliver established, innovative solutions while new regimes are still taking shape.

GIIA is also prioritising innovation — whether that’s ESG-linked structures, humanitarian financing, or integrating captives more deeply into corporate risk strategies.

You mentioned the proposed UK captive regime. How do you see the captive landscape in Europe evolving, and how is Davies positioning itself to support clients through these changes?

The UK regime is an important milestone in the evolution of captives. We have yet to see how this progresses and what the regulation will look like but on the whole Guernsey sees this as a positive step and looks forward to ongoing collaboration with our UK captive counterparts. Importantly, captives are also now firmly on the radar of UK mid-sized corporates, many of whom are exploring them as a viable option for risk financing.

At the same time, Guernsey remains Europe’s leading domicile, with a century of experience and a proven track record of innovation. Guernsey has niche offerings and bespoke solutions so will continue to focus on those. Raising awareness and de-mystifying  captives in the global market benefits everyone.

For Davies, the priority is to ensure we are present in key domiciles with the expertise and capability to deliver consistent, high-quality service in whichever jurisdiction our clients choose. That combination of global reach and local expertise is a differentiating factor.

Looking ahead, what are you most excited about building within the Guernsey business and across the wider Davies captive platform?

For me, it’s about building a strong, talented team here in Guernsey, one that supports a healthy portfolio of captives and cells while being fully integrated with Davies globally. That means not just growth in numbers, but depth of expertise and reputation.

I’m also excited about the collaborative culture at Davies. I’ve been struck by how much cross-selling and knowledge sharing takes place across the Group. That isn’t always the case in large corporates, but here it’s genuine, and it directly strengthens the pipeline of opportunities for the captive business.

Finally, what one message would you give to a risk manager considering captive insurance today?

Captives have become very much mainstream. They are no longer secondary when building insurance programmes. A growing number of risk managers now take a “captive first” approach, making the captive central to their risk financing arrangements, building market capacity alongside captive participations.

Captive optimization studies are now commonplace to ensure the very best utilisation of a captive. The biggest benefit is stability. A well-run captive can remove volatility providing organisations with greater control over their risk and premium spend. It’s a long-term investment rather than a short-term fix, but it delivers resilience and greater certainty in an uncertain world.

If you would like to continue the conversation, get in touch with EVP & Head of Office, Captive Management, Christina Bell at christina.bell@davies-group.com