Heritage Insurance Management Ltd in Guernsey has achieved a worldwide first by amalgamating two Protected Cell Companies (PCCs) into one.
The companies, Harlequin Insurance PCC Limited and Friary Court Insurance PCC Limited, are both insurance PCCs with 17 independently owned cells between them.
The companies were used by Heritage and Heath Lambert Insurance Management (Guernsey) Limited to provide cell captive insurance facilities to their clients. Following Heritage's takeover of Heath Lambert's Guernsey and Maltese insurance company management business in 2009, it was decided to amalgamate the two PCC companies into one as there was no need for both PCCs to exist separately. Combining them creates a more efficient structure which ultimately will save money for the clients involved in the cells.
Speaking about the amalgamation, Martin Le Pelley, Compliance Officer for Heritage, said: "The amalgamation of two PCCs is not straightforward as each cell represents a separate class of share, which in turn means that all cell shareholders must vote in favour of the amalgamation in order for it to take place. Nevertheless, having achieved this milestone, we consider that the combined company will provide a more secure and efficient platform for our cell captive clients going forward."
The combined company has retained the name Harlequin Insurance PCC Ltd.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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