Protected Cell Company offers an alternative to a stand-alone captive
White Rock, an Aon owned company, launched a Protected Cell Company (PCC) facility in the Isle of Man (IOM).
Other White Rock companies are already located in Gibraltar, Guernsey, Luxembourg, Malta and Bermuda.
Aon said it was the first to form a PCC, as well as the first to form an insurance Incorporated Cell Company.
PCCs are used by organisations to underwrite risks without owning their own separate company or captive. Offering the same benefits as a captive, PCCs can be more cost effective to set up and run so tend to suit small and medium sized companies or those that require a shorter-term solution. PCCs are corporate entities in which the assets and liabilities of each cell are legally separated from each other.
Key features of White Rock PCCs include:
• An alternative to a stand-alone captive
• Flexible share capital
• Low formation and running costs
• Easier/quicker set-up and exit
• World-wide acceptance (over 41 domiciles have similar legislation)
• Modest demands on shareholder management time
• Strict controls to protect clients
Andrew Tunnicliffe, COO for Aon Global Risk Consulting, added: “This is part of our development and growth strategy for the White Rock brand. The IOM was selected due to its reputation as a ‘can do’ captive domicile, its triple ‘A’ sovereign rating and its standing as an internationally responsible country as acknowledged by the IMF and other regulatory bodies.”
Gaynor Brough, general manager of Aon’s Isle of Man operation, said: “We are delighted to be part of White Rock’s expansion plans and this is a really exciting opportunity for us to be at the forefront of cutting-edge client-focused solutions”.