Broker body in talks with Guernsey firms to set up low cost captive cell
Biba is in talks with the Guernsey insurance sector to launch a protected cell company (PCC) initiative later this year.
Biba chief executive Eric Galbraith, and head of technical services Peter Staddon recently visited representatives from captive specialists and Guernsey Finance, which promotes the financial services industry on the island.
PCCs are lower cost than full captives and can be used for larger SME clients. While each cell is separate, overheads can be shared between insureds.
The planned Guernsey-Biba captives will be provided through the Guernsey Insurance Company Management Association (GICMA).
GICMA chair Merise Wheatley said: "Through a PCC, regional as well as national brokers, will be able to add captive insurance to their toolbox."
A series of roadshows is being planned to provide details to Biba members. The final details are yet to be announced, but it is understood the roadshows will take place in Birmingham, Bristol, Leeds, Manchester and Leicester.
Guernsey Finance will also be taking a stand at the forthcoming Biba Conference in Brighton.
Staddon said: "I'd encourage brokers to find out more at the roadshows and also by meeting representatives at the conference.
"We see this as one of a range of possible solutions for brokers and are also looking at the Isle of Man too as presenting potential opportunities."