Partner in Wealth Insurance - FARAD€¦ · S & P –July 2014 Fitch –May 2015 Rating (Long term)...

Partner in Wealth Insurance

2 Partner in Wealth Insurance © IWI International Wealth Insurer S.A. 2016

Partner in Wealth InsuranceContents

1. IWI International Wealth Insurer

2. Luxembourg

3. IWI’s partnership approach

4. IWI’s offer: choice and modularity

5. IWI’s international approach

6. Contacts

IWI International Wealth Insurer


IWI International Wealth Insurer Our profile

IWI International Wealth Insurer S.A. is a Luxembourg insurance company created in 1992 and

specialised in Wealth Insurance solutions for a wealthy international clientele.

Focussed on the elaboration of tailor-made solutions and service to partners, IWI relies on

know-how and expertise to provide lasting solutions to its clients. The IWI offering is aimed at

asset management and wealth structuring professionals in Luxembourg, Switzerland, France,

Belgium, Italy, United Kingdom and Portugal.


IWI International Wealth InsurerShareholders

Legal structure

* The Belgian State is the sole shareholder of the Federal Participation and Investment Company

S & P – July 2014

Fitch – May 2015

Rating (Long term)

Belfius Insurance Belins Finances 99,9995%

0,0005%a3

Société Fédérale

de Participations

et

d’Investissement*

A- BBB+

A- Baa1 BBB+

S & P – December 2014

Fitch – September 2014

Rating (Long term)

Moody’s – March 2015


IWI International Wealth InsurerKey figures

As at 31 december 2015*

67.8million

Core shareholders'

equity

€

74Employees

3 160million

Total assets under

management

€

%248.3

solvency I margin

70.5 FTE

* Non-audited figures


IWI International Wealth Insurer ADN corporate

Our approach

Private Insurance Center

Approach based on high-quality services, performance, expertise and collaboration

Wealth Insurance solutions

Implementation of tailor-made solutions resulting from a rigorous methodology

Accountability Management

Corporate spirit, teams empowerment and client-orientation

Orchestrator of competencies

Approach based on internal and external expertise, which involves legal, fiscal and financial competences

Long-term responsiveness

Flexible and long-lasting solution accompanying clients through any changes in their personal circumstances

An extensive choice of options

Selection of all-in-one solutions developed in several markets and covering all types of eligible assets and management approaches within a single policy

Luxembourg


LuxembourgLuxembourg’s advantages

Recognised international financial centre

Exemplary political, economic and social stability

Modern legal and regulatory framework in harmony with European directives

Pragmatic and evolutionary legislation in relation to financial services

Capital of the Euro Zone for private asset management

Europe’s primary centre for the domiciliation, administration and distribution of investment funds

Comprehensive range of products and services aimed at both the private and institutional investor

Major player in cross-border insurance and reassurance

Unique investor protection regime


LuxembourgLuxembourg asset protection scheme

Underlying assets must be deposited with an approved custodian bank in accordance with the CAA* requirements Separation of "regulated assets" from assets belonging to the insurance company (“unregulated assets")

the CAA* carries out quarterly checks on the insurance company’s solvency levels

Clients have senior debt ranking on "regulated assets". In the event that the insurance company defaults, the CAA freezes the accounts opened by the insurer with custodian banks in order to protect policyholders’ rights.

Clients have additional and priority claim on company’s assets

* Commissariat aux Assurances (CAA): insurance industry regulator

The “Triangle of Security”


LuxembourgFlexibility in your choice of financial assets

Access to UCITS, currency funds, alternative funds, real estate funds, equities, bonds, financial

instruments, etc.

Access to sophisticated financial assets: Specialised Investment Funds (SIF), venture capital

investment companies (SICAR), unquoted assets, assets with low liquidity, etc.

Ability to set up a tailor-made fund managed on a discretionary basis by a professional asset

manager in accordance with a predefined asset allocation strategy

Dedicated Internal Fund

The policyholder’s premium and financial situation are taken into consideration

Option to have a Dedicated Internal Fund covering several policies (Umbrella DIF)

Expand scope of investment

Family estate management

Ability to have several Dedicated Internal Funds within the same contract managed

by different asset managers and deposited with different custodian banks (Multi-DIF)

Diversification and multi-managers

Premium paid by transfer of securities


LuxembourgLuxembourg tax neutrality

Taking out a life insurance policy in Luxembourg is tax neutral for non-residents

Only the tax regime in the policyholder’s and, if applicable, the beneficiary’s country of

residence applies

In Luxembourg, the following are specifically not subject to tax:

any life insurance premiums

any capital gains made on surrender or maturity of a life insurance policy

any death benefit paid out to the beneficiary(ies) of a life insurance policy

IWI’s partnershipapproach


IWI’s partnership approachPrivate Insurance Center

Quality partners: private banks, family

offices, financial advisers, trustees, asset

managers, brokers, agents, business

introducers and lawyers

An expert approach

Orchestrator of competencies:

collaboration, support and access to an

independent network of professionals

Tailor-made: commitment to designing the

best solutions within the framework of a

wealth planning structure, considering

personal requirements and technical

constraints

Excellence: we pay attention not only to the

solution and its use, but also to the

accompanying service to ensure a long term

partner and client relationship

Specialisation: a dedicated service for

every partner

A range of customised services

"Account Management" approach to serve

partners operating on several markets

Multidisciplinary teams organised by market

(Relationship Manager + Distribution Support

+ Legal, tax and wealth management

specialists)

On-site support on request

Regular technical and commercial updates

on IWI Wealth Insurance solutions by market

Access to an international network of

specialists

Extranet consultation facility for policy

information (e-Partner)

Range of approved life insurance products

Personalised information and training

sessions: Lunch & Learn (WILL), Breakfast

& Exchange (WIBE)


IWI’s partnership approachPrivate Insurance Center

A structure in line with market needs

Pre-contractual phase

Sales support

Relationship management (commission, agreements)

Establishment of service and organisation

Legal advice

Contractual phase

Contract follow-up

Help with tax returns (certificates, etc.)

Centre of excellence: internal dedicated, market-specific

teams

Other aids

Client/Partner

Policy

Administration

Product

Development

& Marketing

Legal & Tax

Intranet, extranet, brochures, presentations, trainings

Relationship Manager Distribution Material


IWI’s partnership approachSetting up a partnership agreement

ClientInsurance

broker/intermediary

Custodian bank

agreement

Service Level Agreement

Framework

agreement

Intermediation

agreement

Custodian bank Investment manager

Supervisory authorities of the country of establishment of the Insurance broker /

intermediary (CAA, FSMA…)

Supervisory authorities of the country of establishment of the Wealth Manager

(CSSF, FSMA…)

Luxembourg supervisory Authority (CAA)

Prior approval of all parties


IWI’s partnership approachSetting up a partnership agreement

Open-architecture

Know-how for each type of partner (asset managers/custodian banks/intermediaries)

Experience

Work/material available in the partners' language

Appropriate due diligence

Flexible and fast partner approval


IWI’s partnership approachFees

Products Entry fees Management fees

4 Life France

4 Life France Capitalisation

Max. 5%

Unit linked: max. 1.5% p.a./EUR or

guaranteed-interest Investment Funds : max. 0.7% p.a.

4 Life / Capi LuxembourgUnit linked: max. 1.5% p.a./EUR or


4 Life InternationalUnit linked: max. 1.5% p.a./EUR or


4 Life Belgium Unit linked: max. 1.5% p.a./EUR or


4 Life Italy Max. 1.5% p.a.

4 Life UK Max. 1.5% p.a.

4 Life Portugal Max. 1.5% p.a.

Custom pricing for certain defined tranches

Price list indicating the charges:

Client (grid below)

IWI (variable depending on the premium paid on subscription)

Entry fees

Management fees

With/without switch


IWI’s partnership approache-Partner

Secure connection:

Policy situation

Transaction history

Library

IWI’s offer: choice and modularity


IWI’s offer: choice and modularityDIF (Dedicated Internal Fund)

Fund specially created for the client:

Unique to each client

Managed in accordance with the investment strategy defined by the client

DIF assets: property of the insurer no longer part of the policyholder’s assets

Requirement to deposit DIF assets in a single bank account/sub-account opened with a

custodian bank approved by the CAA

IWI is structured in a way to on-board rapidly and efficiently a new custodian bank


No re

latio

nship

betw

een th

e p

olic

yhold

er a

nd th

e in

vestm

ent m

anager

The a

ssets

of th

e D

IF a

re th

e p

roperty o

f the in

sure

r

IWI’s offer: choice and modularityDIF (Dedicated Internal Fund)

Insurer

Deposits assets with

Custodian bank

approved by the CAA

Sets up the DIF

Approved Investment manager *

* Manages the fund in accordance with:- the CAA rules; - the investment strategy defined by the policyholder

Takes out the contract, defines the investment strategy and pays the premium

Life insurance contract

Your client

Dedicated Internal Fund

Delegates management to


IWI’s offer: choice and modularity"Umbrella" DIF

One single DIF, linked to several contracts of a single client or his/her family


IWI’s offer: choice and modularityHow an "Umbrella" DIF works

Your client One or several family members

Insurer

Deposits assets with

Custodian bank

approved by the CAA

Sets up the DIF

Approved financial manager *


Life insurance contract 1

"Umbrella" Dedicated Internal Fund



Possible mandate

* Manages the fund in accordance with:

- the CAA rules;

- the investment strategy defined by the policyholder


IWI’s offer: choice and modularity"Multi" DIF

Several Dedicated internal funds specially set up for one client, managed according to the investment strategy defined by the client


IWI’s offer: choice and modularity"Multi" DIF

Insurer

Lodges assets with

Custodian bank A

approved by the CAA

Sets up the DIFs

Approved financial

manager A*

*Manages the funds following:

- the rules laid down by the CAA;

- the investment strategy defined by the policyholder


Life insurance contract

Your client

Dedicated Internal Fund A

Delegates management to Lodges assets with

Custodian bank B

approved by the CAA

Approved financial

manager B*

Dedicated Internal Fund B



IWI’s offer: choice and modularityUmbrella "Multi" DIF

Insurer

Sets up the 2 DIFs



Dedicated Internal Funds – Umbrella "Multi" DIF

Life insurance contract 2 Life insurance contract 3

Custodian bank A

approved by the CAA

Dedicated Internal Fund 2

X% of assets

Dedicated Internal Fund 1

X% of assets

Custodian bank A or B

approved by the CAA

Approved financial manager A Approved financial manager B

Your client Family member 1 Family member 2


IWI’s offer: choice and modularityOther types of funds

CIF (Collective Internal Fund)

Available to groups of investors not

necessarily linked by family ties

An ideal vehicle for the collective

management of contracts

Investment styles to match different investor

and risk profiles 1 CIF/profile

CIF profile chosen to match each client's

risk profile

Requirement to deposit CIF assets in a

single bank account/sub-account opened

with a custodian bank approved by the CAA

SIF (Specialised Investment Fund)

SIFs are compatible with Luxembourg life

insurance contracts

Applications dealt with on a case-by-case

basis (often used for UHNWI clients)

SIF units can be included in a DIF/CIF

SIF units similar to a fund external to the

insurer (like a contract backed by multiple

funds investing in UCITS)

Collective management of a group of

clients/investors


IWI’s offer: choice and modularityPrivate Equity

General points

Policyholder’s Country of

residenceEligible assets

Belgium All assets

France Upon analysis

Italy Upon analysis

Luxembourg All assets

Private Equity Minimum amount (in € million)

Holding companies (with operating branches) 10

Privately held structures (without operating branches) 5

Private equity funds 2.5

Other unquoted assets 2.5

Types of eligible assets

Acceptance process on case-by-case

basis, after analysis the underlying

assets

IWI will not accept to be a major

shareholder either directly or indirectly,

in companies with operating branches

IWI’s international approach


IWI’s international approach In the European Economic Area

Austria

Bulgaria

Cyprus

Czech Republic

Denmark

Estonia

Finland

Germany

Greece

Hungary

Ireland

Latvia

Lithuania

Malta

Netherlands

Poland

Romania

Slovakia

Slovenia

Spain

Sweden

Belgium

France

Italy

Luxembourg

United Kingdom

Portugal

Freedom to provide

services accreditation

Product marketing

EEA


IWI’s international approachIn the European Economic Area

Life insurance in the EEA:

Three European Directives on life insurance

European single market in life insurance

European passport any insurer established and approved in a Member State of the European Union can conduct its business in all the other EU Member States without having to request further approval and without being subject to further supervision.

Directive of 5 November 2002, EU 2002/83/EC lays down two possible regimes:

Establishment

Freedom to provide services

Law applicable to the contract:

Principle: The law of the Member State in which the undertaking is made applies (country in which the policyholder

habitually resides)

Exception: Where the policyholder is a natural person with his or her habitual residence in a Member State other than

that of which they are nationals, the parties may choose the law of the Member State of which the client is a national

Note: Choosing the law of the country of which the policyholder is a national does not exclude the mandatory provisions

of the law of the country in which the policyholder is resident

IWI’s approach in the EEA

Freedom to provide services

Tax treatment applying to the contract:

Life insurance tax treatment

Tax treatment of the policyholder's country of

residence and, if applicable, that of the

beneficiary


IWI’s international approachIn the European Economic Area

Policyholder's

country of residenceProduct

Dedicated

Internal Fund

External fund

Collective

Internal Fund

Guaranteed-

rate fund

Belgium 4 Life Belgium

France4 Life France

4 Life France Capitalisation

Italy 4 Life Italy -

Luxembourg 4 Life / Capi Luxembourg

UK 4 Life UK - -

Portugal 4 Life Portugal - -


IWI’s international approach Outside the European Economic Area


IWI’s international approachOutside the European Economic Area

Initiative to take out the insurance policy lies exclusively with the client

"Passive" service provision

No commercial approval, no presence, no prospecting, no marketing in the country

Life insurance contract signed outside the country of residence

Acceptance on a case by case basis


IWI’s international approachOutside the European Economic Area

Policyholder's

country of residenceProduct

Dedicated Internal

Fund

External fund

Collective Internal

Fund

Guaranteed-rate

fund

Outside the EEA4 Life International

In French

Outside the EEA4 Life International

In English

For example, Solutions developed in 2015: Israel & Brazil

Contacts


Contacts

Massimo ContiniHead of Distribution

[email protected] : (+352) 26 25 44 – 6021

Mob : (+352) 621 88 96 59

Fax : (+352) 26 25 44 – 5480

Maël ToledanoCountry Manager France, UK

[email protected] : (+352) 26 25 44 – 1

Mob : (+33) 6 47 50 04 71

Fax : (+352) 26 25 44 – 5480

Mauro GuerriniCountry Manager Switzerland

[email protected] : +41 (0)22 404 4450

Mob : +41 (0)79 691 7467

Fax : +41 (0)22 404 4459

Sandra BarrecaRelationship Manager

[email protected]

Tel : (+352) 26 25 44 – 6016

Mob : (+352) 691 77 67 03

Fax : (+352) 26 25 44 – 5480

Roberto FeliciSenior Relationship Manager

[email protected]

Tel : (+352) 26 25 44 – 1

Mob : +41 (0)79 906 0465

Fax : (+352) 26 25 44 – 5480

Mike FoxallMarketing Consultant

[email protected] : (+352) 26 25 44 - 8723

Mob : + 44 (0) 7977 918 397

Fax : (+352) 26 25 44 – 5480


Contacts

Christian HeinenSenior Partner Manager

[email protected] : (+352) 26 25 44 – 6011

Mob : (+352) 691 63 82 18

Fax : (+352) 26 25 44 – 5480

Murielle WuidarSenior Partner Coordinator

[email protected]

Tel : (+352) 26 25 44 – 5467

Fax : (+352) 26 25 44 – 5480

José Manuel TaraSenior Relationship Manager

Latam & Iberia Markets

[email protected] : (+352) 691 77 60 68

Fax : (+352) 26 25 44 – 5480


Disclaimer

This document was produced for information purposes only and does not in any way constituteadvice or a solicitation to sell or buy an insurance product.

The information contained herein, which may be supplied by external service providers, is givensolely for information purposes and does not in any way constitute legal, accounting or fiscal advice,is only valid at the time at which it is provided and is published without any guarantee as to its beingexhaustive, accurate or up to date.

All information presented herein is based on IWI International Wealth Insurer’s understanding of thelaws of the Grand Duchy of Luxembourg or any other relevant jurisdiction in force on the publicationof this document. IWI International Wealth Insurer cannot be held liable in the event of any changesto these laws or practices.

This information is not intended to replace the knowledge and capabilities of the user; it musttherefore be used solely in conjunction with the advice of an independent qualified professional.

IWI International Wealth Insurer may not be held liable by users for the information or its indirect ordirect consequences.

The information contained herein is protected by intellectual property rights, particularly copyright,which remains at all times the property of the author.

The information is intended solely for its users and may not be disclosed, reproduced or sold to thirdparties in any form whatsoever without the prior written consent of IWI International Wealth Insurer.

Partner in Wealth Insurance - FARAD€¦ · S & P –July 2014 Fitch –May 2015 Rating (Long term)...

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Transcript of Partner in Wealth Insurance - FARAD€¦ · S & P –July 2014 Fitch –May 2015 Rating (Long term)...