Marsh Captive Solutions sets up Malta PCC
Marsh Captive Solutions has formed a new protected cell company (PCC) domiciled in Malta, Mangrove Insurance Europe PCC.
Mangrove Insurance Europe PCC is the third of Marsh’s PCCs and joins two other Mangrove Insurance Solutions PCCs which are based in Washington DC and the Isle of Man respectively.
The PCCs are aimed at providing small and mid-sized businesses with to access to cost-effective risk-financing alternatives, and to allow larger firms to segregate their retained risks associated with joint ventures, strategic alliances, and other arrangements that suit their particular needs.
Mangrove Insurance Europe PCC is led by Rob Geraghty, international sale leader, and Lorraine Stack, international advisory and sale leader of Marsh Captive Solutions.
Management of the PCCs will be led by Stephen Portelli, head of office, and David Galea, deputy head of office, Marsh Malta.
“PCCs are an attractive alternative to the conventional commercial insurance market. By utilising a PCC, firms can avoid the uncertainty associated with market cycles and lack of cover for uninsurable or ‘difficult to place’ risks, while those with smaller insurance expenditures are able to access captive insurance arrangements more easily without the need to form a single parent captive," said Geraghty.
“In forming Mangrove Insurance Europe PCC Ltd, Marsh clients now have the opportunity to access the benefits of an onshore-based captive located within the European Union, while also utilising the capital, cost and time efficiencies that PCCs offer.”
Portelli added: “Malta has built a strong reputation as one of the world’s leading captive domiciles and is well-known for its robust PCC and captive legislation. Mangrove Insurance Europe PCC Ltd is designed to enhance our clients’ risk strategies and help them deal with the increasingly complex risk environment in which they now operate.”
Never miss another captive insurance news story - sign up for our weekly email newsletter.