WILLIS LAUNCHED PROTECTED CELL INSURANCE FACILITY

Global broker Willis Group Holdings, through its Willis Global Captive Practice unit, has launched a wholly owned and managed protected cell company insurance facility in Vermont, Encore Insurance PCC. The new operation is to underwrite risks and provide clients with the benefits of a captive insurer, particularly for those clients who may not have sufficient premium volume or may not wish to operate their own captive. Willis said that a protected cell structure provides a more cost effective solution that a traditional captive and that segregation provisions of PCC legislation provide clients with a secure underwriting account with out pooling assets and liabilities. Encore will be managed by Willis Management (Vermont), headed by managing director David Guerino. “Encore is a welcome compliment to Willis’s offering of PCC facilities and similar structures that we operate in Bermuda, Barbados and Malta,” said Paul Owens, chief executive of Willis Global Captive Practice. “Our strategy is always to offer clients the widest range of risk financing vehicles and our choice of Vermont allows our US clients all of these advantages while operating in one of the most respected and business friendly domiciles.”