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Willis Group Holdings P.L.C.’s global captive practice unit, said Wednesday that it has set up Encore Insurance PCC Ltd., a Burlington, Vermont-based protected cell company insurance facility, to underwrite U.S. risks.
According to Willis, a protected cell structure can provide a more cost-effective solution than a traditional stand-alone captive insurer in certain circumstances.
“We have a broad appetite for lines of business in Encore. We are open to commercial property and casualty programs, fully reinsured reinsurance and ILS transactions, pass through access to specialty reinsurance products, employee benefits risks etc. In general we will assess each inquiry to use this facility on its merits and proceed on a case by case basis,” a Willis spokesman said in an emailed statement.
Willis Management (Vermont) Ltd., which is led by managing director David Guerino, will manage Encore Insurance PCC, Ltd., according to a Willis statement.
“Encore is a welcome complement to Willis’ 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,” Paul Owens, CEO of Willis’ global captive practice, said in the statement.