Willis Launches Protected Cell Company Insurance Facility in Vermont
September 30 2015 - 12:00PM
Willis Global Captive Practice, a unit of Willis Group Holdings plc
(NYSE:WSH), the global risk advisory, re/insurance broking, and
human capital and benefits firm, today announced it has set up a
Willis-owned and managed protected cell company (“PCC”) insurance
facility in Vermont.
The new facility, Encore Insurance PCC, Ltd. (“Encore”) will
underwrite U.S. risks and provide clients with the benefits that
come with the operation of a captive insurance company for those
who may lack sufficient premium volume or may not wish to operate
their own insurance company.
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. The segregation
provisions of PCC legislation provides clients with a secure
underwriting account without pooling assets and liabilities.
Through a PCC, clients can realize the benefits of captive
ownership with potentially lower capital commitments, reduced
operating costs, and less management time commitment.
Encore will be managed by Willis Management (Vermont), Ltd.
which is headed by David Guerino, Managing Director.
Paul Owens, CEO, Willis Global Captive Practice, commented,
“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 U.S. clients all of these advantages while operating in
one of the most respected and business friendly domiciles.”
About Willis
Willis Group Holdings plc is a leading global risk advisory,
re/insurance broking, and human capital and benefits firm. With
roots dating to 1828, Willis operates today on every continent with
more than 18,000 employees in over 400 offices. Willis offers its
clients superior expertise, teamwork, innovation and market-leading
products and professional services in risk management and transfer.
Our experts rank among the world’s leading authorities on
analytics, modelling and mitigation strategies at the intersection
of global commerce and extreme events. Find more information at our
website, www.willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WillisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
Contact:
Media:
Colleen McCarthy
+1 212 915-8307
colleen.mccarthy@willis.com
Investors:
Matthew J. Rohrmann
+1 212-915-8180
matt.rohrmann@Willis.com