Artex launches its first Vermont PCC
Artex Risk Solutions has launched its first Vermont Protected Cell Company (PCC), to provide organisations of all sizes and industries with an alternative platform to support their risk transfer needs.
Formed in April 2024, Artex Axcell PCC (Vermont) offers companies the ability to control their own insurance program and experience the many benefits of captive ownership without the same cost and capital requirements of a wholly-owned vehicle. Once clients experience a cell solution, they can also use it as a stepping stone to a single-parent captive. Additionally, the PCC gives cell participants the flexibility to choose between incorporated and unincorporated cell structures, access to reinsurance and capital market capacity, cash flow benefits, and much more.
“PCCs have been one of the most important evolutions in the captive insurance marketplace in recent years, and we are thrilled to serve clients through our latest Artex Axcell PCC,” said Jennifer Gallagher, chief executive of Artex, North America.
“With Vermont now established as the largest captive domicile globally, we selected Vermont as part of our U.S. onshore strategy but also to complement our global offering,” said Barry White, executive vice president, sales, analytics and advisory for Artex, North America.
According to Artex the benefits of a Protected Cell Company include the fact that cell facilities enable multiple users to operate different risk transfer activities through a single legal entity. Each cell operates in the same manner as a traditional captive insurance company, but can be efficient in speed of set-up, operating costs and exit costs. This efficiency means that each cell can also act as a special-purpose vehicle with a single objective for a specified duration. The assets and liabilities of each cell are segregated and protected from those of the other cells, both by statute and by contract.
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