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ST. PETER PORT, GuernseyThe first incorporated cell to write insurance in Guernsey has been approved by regulators.A cell formed within White Rock Guernsey ICC, which was set up last year by Aon Insurance Managers (Guernsey) Ltd., will write coverage for a mid-sized U.K.-based parent.Incorporated cell companies operate much like protected cell companies but, unlike PCCs, are made up of cells that are all legal entities and can contract with each other. The structure affords some additional protection for the cells' assets in the event that one of the entities becomes insolvent. The concept originated in Jersey.The coverage written by the new Guernsey cell is commonly called "after-the-event" insurance or "claims legal expense" coverage, according to Chris Le Conte, managing director of Aon Insurance Managers (Guernsey). "It is a fairly common structure in the United Kingdom," he said.Other cells may be formed within White Rock to write the coverage for other clients, according to Mr. Le Conte. "We're talking to a few in similar businesses," he said.