Misunderstood? Out of place? Ahead of the pack? For the Parabis Group, one thing is certain: it has set itself apart from almost all of its peer group, to which, arguably, it only belongs on account of its revenues.

For volume insurance-focused firms, there is a huge amount of pressure to articulate a clear business case. For Parabis and its subsidiaries, the answer has been to take on private capital and pursue an alternative ownership model.