ARTICLE · 11 MAY 1998

New Self Insurance Facility

J & H Marsh & McLennan Management (Guernsey) Ltd

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PORTWAY INSURANCE PCC LIMITED

Introduction

Commercial Union, J&H Marsh & McLennan and Dresdner Kleinwort Benson have launched a new insurance facility called Portway Insurance PCC Limited. The objective of the facility is to allow corporate insurance buyers to access all of the benefits of a formal self-insurance vehicle at the lowest cost and without the need for them to inject share capital.

Portway Insurance has been incorporated in Guernsey, as an authorised insurer, under the newly enacted Protected Cell Company (PCC) legislation. This legislation provides for the legal segregation and protection of the assets and liabilities of each individual participant.

Effectively, Portway Insurance is a risk-taking rent-a-captive.

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