An economical and expedited captive solution
A PCC is its own legal entity, a trait it shares with traditional insurance companies. However, unlike traditional insurance companies, the structure of a PCC is subdivided into the core, which contains the capital for the whole of the entity, and a large number of individual cells. In a PCC, all cells have the option to be capitalized or to use core funds to meet their capitalization requirements individually and separately from the core.
One of the key benefits associated with a PCC facility is that the assets of each individual cell are statutorily segregated to ensure that a claim against one cell cannot be impacted or covered by the assets of another cell.
Protected Cell Captives allow for:
- Expedited formation timeline
- Low entry cost
- Low annual costs
- Share in underwriting profits and related investment income
- Flexibility with respect to coverage forms and claims handling
- Incentive for risk management and loss control
- Access to reinsurance markets
Risk Services has established multiple special purpose PPC facilities and has access to multiple existing PPC facilities available to clients whose needs would be well-suited by such a captive.
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“Mind the gap.”
In London, this means beware of the gap between the concourse and the subway car. In captive insurance, this means beware of the collateral required by the fronting carrier between the loss fund and the aggregate attachment point.[rä-jer-izem]
Words of wisdom from our CEO, Michael Rogers
“Centurion has worked directly with Risk Services since the formation and inception of our program over the past 15 years. Risk Services has been an invaluable partner that has provided captive management services, financial reporting, regulatory advisement, and reinsurance placement for Centurion. Risk Services and their staff have always exemplified the quintessential characteristics of hard work, honesty, and integrity. Our partnership with Risk Service has been critical to the development and success of our program.”
Sean Mintz, Centurion Risk Retention Group, Inc