Reigndei

One of the curios of the ECB accounts is payments made to a company called Reigndei.

According to the accounts for the year to 31 January 2017 Reigndei is "An insurance company beneficially owned by the 18 first class counties, MCC and MCCA."  Presumably the ECB's payments are to insure against bad weather at international matches.  

Reigndei is a very profitable entity.  In the period 2005 - 2017 premiums paid to Reigndei by the ECB were £6.3m greater than the claims paid to the ECB by Reigndei.  Reigndei also earns interest on premiums received and the true profitability would be somewhat higher.  As an international insurance company I don't think Reigndei would pay tax in Guernsey and there is no indication in the ECB accounts of any controlled foreign company tax charge in respect of Reigndei.

What is not clear is what Reigndei does with the money it accumulates.  The company is resident in Guernsey and as a consequnce  there is no proper access to its financial statements.  It is not even clear who the directors of Reigndei are or what dividends, if any, it pays to its beneficial owners.

The 2015 ECB accounts disclosed that Brian Havill, a director of the ECB, was also a director of Reigndei.   Mr Havill resigned from the board of the ECB in November 2015 although his Linkedin profile still shows him as Finance Director of the ECB.  

This is presumably a LinkedIn snafu as the ECB's 2016 accounts record Scott Smith as company secretary and in press releases Mr Smith is described as ECB Chief Financial Officer although he is not a director of the ECB.  This would seem to preclude My Havill still being Finance Director [Then again the ECB has a chairman and a president so why not a CFO and a finance director?]  

In any event it is unclear who, if anyone, has replaced Mr Havill on the Reigndei board and the company remains an enigma.