Aon has formed an incorporated cell company (ICC) in Guernsey.
The development of White Rock Insurance (Guernsey) ICC has resulted from new legislation passed in Guernsey and Jersey earlier this year.
ICCs comprise multiple incorporated and registered cells that are separate legal entities in their own right.
ICCs differ from protected cell companies (PCCs) in three crucial ways:
• Insurance or other contracts to be written between incorporated cells.
• Far simpler conversion of an incorporated cell into a fully fledged captive.
• More flexible underwriting and risk retention.
Chris Le Conte, managing director of Aon in Guernsey, said: “We are delighted to be leading the way in the captives market once again and expect many clients will benefit from this innovative structure. Our PCC vehicle has provided a fantastic tool for a wide range of clients since its formation and with the new ICC our ability to provide tailored solutions to clients has been further enhanced. Incorporated cells act as a middle ground between the stand alone captive and the protected cell concept and will suit clients seeking to retain or manage risks in an efficient and flexible yet controlled manner. We expect it to be actively writing business within the next quarter.”
Clive James, group managing director with overall responsibility for White Rock said: ”Aon's White Rock group of companies is the leading group of PCC, SAC and now ICC vehicles worldwide with operations in Guernsey, Gibraltar, Luxembourg and Bermuda. Aon was the first company to form a PCC in 1997 and the launch of the first ICC demonstrates how we have continued lead the way in the innovative use of such vehicles ever since.”
