Insurance and reinsurance broker Aon has announced that its protected cell facilities under the White Rock Group have added a seventh domicile in the District of Columbia (DC), USA.
White Rock established its first protected cell company in Guernsey in 1997 and currently manages 250 cells across Bermuda, Gibraltar, Guernsey, Isle of Man, Malta and Vermont, with $0.73 billion in gross written premium and over $2.6 billion in assets.
Aon explained that protected cell companies offer it flexibility of usage, streamlined market access, and significant capital and collateral efficiency, whilst ring-fencing assets and liabilities in a strong compliant environment.
“I am delighted to announce the launch of our seventh domicile in the District of Columbia as White Rock and Aon build on the significant traction we have gained since first introducing protected cell companies,” said Dermot Finnerty, Managing Director of White Rock Group.
“We now manage a total of 250 open cells, another significant milestone for us, and a testament to the hard work, specialist insight and professionalism of the Aon and White Rock teams,” he continued.
“As reinsurance and capital markets continue to converge, we are seeing increasing demand for protected cell solutions for market access, fronting solutions, insurance-linked securities (ILS) facilitator cells and warehousing solutions.”
Finnerty further stated: “Over the past twenty years since White Rock’s establishment we have delivered innovative solutions to our clients looking at alternative vehicles to manage their risks.
“Our laser focus on our clients, combined with the excellent potential for growth over the next 12 months, mean that 2019 is set to be another exciting year for White Rock.”