Willis Global Captive Practice, a subsidiary of re/insurance broker Willis Group, has launched a managed protected cell company (PCC) insurance facility in Vermont, US, known as Encore Insurance PCC.
The facility will underwrite US risks and, according to Willis, provide clients with the benefits that come with the operation of a captive insurance company for those who may lack sufficient premium volume or may not wish to operate their own insurance company.
“In Willis’s view, in certain circumstances a protected cell structure provides a more cost-effective solution than a traditional stand-alone captive insurance company,” said the broker.
“The segregation provisions of PCC legislation provides clients with a secure underwriting account without pooling assets and liabilities. Through a PCC, clients can realise the benefits of captive ownership with potentially lower capital commitments, reduced operating costs, and less management time commitment.”
Encore will be managed by Willis Management (Vermont), which is headed by David Guerino, managing director.
Paul Owens, chief executive officer of Willis Global Captive Practice claimed that Encore will compliment Willis’s other PCC facilities and structures, such as those offered in Bermuda, Barbados and Malta.
“Our strategy is always to offer clients the widest range of risk financing vehicles and our choice of Vermont allows our US clients all of these advantages while operating in one of the most respected and business friendly domiciles.”