Willis launches PCC facility in the US
Willis Global Captive Practice, a subsidiary of Willis Group, has launched a protected cell company (PCC) in Vermont, US.
The new facility, Encore Insurance PCC, will underwrite US risks and provide clients who may lack sufficient premium volume or don’t want to operate their own insurance company, the benefits of a captive insurance company, according to Willis.
Encore will be managed by Willis Management (Vermont), which is headed by David Guerino, managing director.
“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.”
Paul Owens, C chief executive officer (CEO), Willis Global Captive Practice, added: “Encore is a welcome compliment to Willis’s offering of PCC facilities and similar structures that we operate 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.”