New Insurance Company Provides Lower Cost Insurance Option
Chartered accountants and business advisers Price Bailey has announced the formation of a licensed insurer within the group – Price Bailey Insurance PCC Limited. The new company recently received its licence from the Guernsey Financial Services Commission to write general insurance business. As a result, in addition to forming and managing insurance companies for its clients, Price Bailey can now provide insurance cells within its own insurance company.
The cell company concept was pioneered in Guernsey and allows for the creation of ring fenced client cells within a single company sharing auditors, a single board of directors and a common year end. The concept enables lower setup and operating costs and provides an attractive alternative for clients taking the first steps towards capturing profits from insurance premiums previously paid to external insurance companies.
The first cell has already received regulatory approval and will start underwriting on 1 April providing insurance-backed guarantees to a UK building firm. The company is also working on a number of further proposals for both UK and international clients.
Guernsey remains the largest captive domicile in Europe and the 4th largest in the world with 797 licensed insurers at the end of 2014, an increase of 39 over the previous year. This continued growth is not just a sign of the general business recovery in the UK, but a display of increased awareness and confidence in the value of self insured risk solutions.
“We have seen considerable interest in this additional offering both from within the group as well as our existing contacts,” said Price Bailey Head of Fiduciary, Paul Pybus. “I anticipate that the ability to deliver an alternative, lower cost insurance option will prove to be a very attractive option for our clients.”
To find out more, please contact Paul Pybus on +44 (0)1481 715669 or email [email protected].