Justin Upson, Robus
Robus Insurance PCC, Robus’ Guernsey-based protected cell company, has had a captive cell pre-authorised for a client for its professional indemnity programme.
The cell was incorporated quickly once the application had been received and due diligence had been completed, Robus said. The license application would usually take several weeks.
Justin Upson, director of Robus Guernsey and head of the Robus PCC, urged those in the PI market to explore the possibility of using the Guernsey cell structure. “The hardening PI market is causing a dramatic increase in external premiums which means a protected cell solution is preferrable,” he said.
Guernsey’s pilot scheme for cells is for insurance entities seeking a GFSC category five license, for captive insurance and reinsurance business only. It applies to insurance licensed PCCs owned by an insurance manager such as Robus Insurance PCC and will run until the end of 2021.
Robus Insurance PCC, Justin Upson, Guernsey