Kane establishes fund administration division in Bermuda


Kane has announced the formation of Kane LPI Solutions as fund administrator for the company’s life, pension and investment (LPI) administration activities.

The company, which is licensed in Bermuda, will provide “turnkey administration solutions to an extensive global client base in the investment, pension and insurance sectors. Services encompass all aspects of the product life-cycle, spanning the initial design and development of the solution, through to the product build, launch and ongoing administration.” The company will also offer fund administration capabilities to clients.

The company will be headed up by John Uprichard who has been appointed as managing director of Kane LPI Solutions. Commenting on the formation, Uprichard said: “In the current financial environment, we see significant opportunities for further growth in the LPI arena. Using a third party administrator that combines expertise and the right technology platform can prove a much more cost effective and efficient way to get a new product to market. Setting up Kane LPI Solutions gives us the perfect means of capitalising on these opportunities.”

Uprichard spoke with Bermuda:Re about the new launch and the thinking behind Bermuda as home to Kane’s new unit.

What was behind the timing of Kane LPI Solutions’ launch?  

Kane’s LPI division has achieved considerable success over recent years, both in terms of growing its client base, and expanding its range of services and geographical reach as a Third Party Administrator. From a strategic perspective, we believed that now was the right time to leverage that success by setting up Kane LPI Solutions which provides us with the perfect platform from which to position ourselves for the next stage in our growth strategy. 

Why did Kane LPI Solutions opt for Bermuda? 

Bermuda has always been a prominent domicile for Kane and is globally acknowledged as a leading location for fund administration. We have established a strong presence on island both as an insurance manager and as a third party administrator. Add to this the fact that we already have the infrastructure in place on island and it became a relatively straightforward decision to establish the new company there. It also allows Kane LPI to work closely with our Insurance Management colleagues to provide a range of complimentary services to our customers.

How significant a component of its business do you expect ILS and insurance-capital markets convergence to be, and how do you see this developing going forward? 

Kane’s ILS division is already a key component of its overall business. From an LPI perspective, while the ILS sector is not a specific part of our remit, we do see the potential for synergies in the future.

Kane, fund administrator, launch, Bermuda

Bermuda Re