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ST. PETER PORT, GuernseyThe first incorporated cell company for insurance has been formed in Guernsey, where legislation allowing such vehicles was passed earlier this year.
White Rock (Guernsey) ICC, formed by Aon Corp. unit Aon Insurance Managers (Guernsey) Ltd. and licensed in August, will be able to write nonadmitted insurance in several countries, including the United Kingdom and the United States. It also can serve as a reinsurer for coverage issued through a fronting company.
"It's meant to be an alternative to our existing protected cell company" in Guernsey, said Chris Le Conte, managing director with Aon Insurance Managers.
Cell captive structures allow companies that do not wish to set up full captives to operate mini-captives within umbrella structures but separate from the liabilities of other members of the cell structure.
Unlike a PCC, which is a single entity with multiple segregated cells, an ICC is made up of cells that all are legal entities. And, unlike in a PCC, the cells within an ICC can contract with each other.
Because cells within an ICC are legally separate entities, they are more likely to be shielded from the insolvency of other cells within the same structure than is the case within a PCC company, experts argue.
In the event that a cell becomes insolvent, the ICC structure is likely to provide more certainty that the assets of other cells within the same structure cannot be seized, they contend.