ARTICLE · 16 DECEMBER 1997
New Self Insurance Facility Created For Mid-Sized Firms
A new group insurance facility developed by Commercial Union, J&H Marsh & McLennan and Kleinwort Benson gives mid-sized businesses in the UK an affordable risk-funding alternative to traditional insurance.
Portway Insurance PCC Limited gives participants the advantages of captive ownership without the otherwise significant capitalisation requirements associated with establishing a captive. Incorporated in Guernsey under the Protected Cell Company (PCC) legislation, the insurer will segregate assets and liabilities by insured, thus protecting each insured from adverse loss experience of others.
The facility is capitalised by Kleinwort Benson Channel Islands Limited, a wholly owned subsidiary of the Dresdner Bank Group, and Commercial Union; the two firms are subscribing equally to the £5million initial capitalisation. J&H Marsh & McLennan in Guernsey, will manage the facility; Commercial Union will provide underwriting services, and Kleinwort Benson in Guernsey will provide
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