Fronting Cells White Rock Protected Cell Company
White Rock Insurance Company PCC Limited is an Aon owned company which was the first PCC in the world. Since its inception, it has been used by in excess of 50 corporations as a cell captive facility. White Rock Guernsey is licensed by the Guernsey Financial Services Commission to write all classes of general and long-term business.
Business is legally segregated
Within the White Rock PCC facility, each business entity is legally segregated from all other incorporated cells in the PCC.
Who uses Cells?
Cells can be used by:
- Clients who wish to have a direct-writing or reinsurance captive facility without the need to own a completely stand-alone company.
- Clients who require a shorter-term solution, such as a solution for captives in run-off who might want to migrate the insurance programme into the White Rock ICC facility and have their captive run off efficiently and effectively.
- Large organisations that already own a captive but would like to reduce their management time and administration.
- Small to medium-sized companies that might want a risk solution vehicle but do would not want to incur the costs of having a stand-alone captive.
- Faster set-up and exit when compared to a wholly owned subsidiary
- Reduced management time for clients compared to captive ownership
- Cost efficiencies over a stand-alone captive enabling significant savings
- Bespoke insurance policies tailored to the needs of the insured
- Access to the reinsurance market reduces the cost of premiums
- Possible tax advantages in to owning a cell, as opposed to owning a captive
Timeframe for setting up a PCC
A PCC can be set up in a relatively short period of time. Aon Insurance Managers (Guernsey) have managed to set up cells over a period of 4 weeks.
The document Setting up a PCC outlines the steps involved in setting up a PCC.