Re/insurance service provider Pro Global has become the first company to file an application for a new domestic insurance company in Rhode Island under the new regulation.
Regulation 68, implemented on August 18, 2015, allows for the transfer of portfolios of business into a Rhode Island protected cell company.
Through its US subsidiary the new carrier, ProTucket, will focus specifically on accepting run-off portfolios, subject to regulatory approval.
“The newly amended regulation balances stakeholder interests and fills a tremendous need in the US insurance market. The value of US business in run-off is estimated to be as much as $100 billion,” said Pro Global.
Artur Niemczewski, chief executive officer of Pro Global, said: “Pro Global has over 25 years’ proven track record of creating value for clients through proactive run-off management. We are serious leaders in this field and believe the new carrier, to be known as ‘ProTucket’, will allow us to better serve our global client base.
“For many businesses, the Rhode Island Regulation allows more effective management of legacy portfolios and a new way of releasing trapped capital. The pipeline of clients ready to be involved in Rhode Island clearly demonstrates Pro’s commitment to our ‘client first’ strategy to deliver tangible solutions and create value for our clients.”
Mory Katz, US managing director, Pro Global, added: “We have worked closely with the Regulator as they have ushered in this ground-breaking regulation and we are the first to file for a new carrier. Pro’s Rhode Island 68 carrier, ‘ProTucket’, will continue our growth in the US and establish us as a major player in legacy services in the US, as we are in the UK. This move reinforces our intention to be a leading reinsurance and insurance services provider in the US.”
Pro Global, Captive, Insurance, Reinsurance, North America, London, UK