A number of new insurance business developments are expected following Guernsey's recent introduction of legislation permitting the setting up of Protected Cell Companies (PCC's}, according to Steve Butterworth, Director of Insurance.
'First, we anticipate growth in rent-a-captive business because the new legislation extends the use of captives from medium to large organisations to hosts of smaller companies and organisations. I also believe, along with many representatives of our insurance industry, that PCC's will interest the promoters of association captives, composite captives involving both life and general insurers, international groups involving numerous autonomous subsidiaries and even insurers who want to separate the life funds of different policyholders into separate cells or classes within one PCC,' he says.
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