Robus’ Protected Cell Company (PCC) has been approved for participation in the Guernsey Financial Services Commission (GFSC) pre-authorisation pilot scheme for captive cells.
The scheme ensures Robus’ captive cell’s are pre-authorised for a client making use of the pilot scheme for their Professional Indemnity (PI) programme.
A protected cell company (PCC) is one legal entity within which there are a series of pools of segregated assets and liabilities.
Although each cell can have different shareholders the whole structure, both Core and Cells, is overseen by the same board and manager which has the advantage of lower running costs when compared against a pure captive.
Justin Upson, Director of Robus Guernsey commented: “The GFSC pilot scheme has allowed us to offer our client excellent speed to market. The hardening PI market is causing a dramatic increase in external premiums which means a protected cell solution is preferable. I would encourage others in the PI market to explore the option, especially as the cell pre-authorisation option makes the process even simpler.”