NEW YORK, Sept. 30, 2015 (GLOBE NEWSWIRE) -- Willis Global Captive Practice, a unit of Willis Group Holdings plc (NYSE:WSH), the global risk advisory, re/insurance broking, and human capital and benefits firm, today announced it has set up a Willis-owned and managed protected cell company (“PCC”) insurance facility in Vermont.
The new facility, Encore Insurance PCC, Ltd. (“Encore”) will underwrite U.S. risks and provide clients with the benefits that come with the operation of a captive insurance company for those who may lack sufficient premium volume or may not wish to operate their own insurance company.
In Willis’s view, in certain circumstances a protected cell structure provides a more cost effective solution than a traditional stand-alone captive insurance company. The segregation provisions of PCC legislation provides clients with a secure underwriting account without pooling assets and liabilities. Through a PCC, clients can realize the benefits of captive ownership with potentially lower capital commitments, reduced operating costs, and less management time commitment.
Encore will be managed by Willis Management (Vermont), Ltd. which is headed by David Guerino, Managing Director.
Paul Owens, CEO, Willis Global Captive Practice, commented, “Encore is a welcome compliment to Willis’s 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.”
Willis Group Holdings plc is a leading global risk advisory, re/insurance broking, and human capital and benefits firm. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
Source:Willis Group Holdings