Originally published in Captive & ART Review Guernsey supplement, May 2007
Guernsey introduced a new segregated cell company structure in May 2006 – the incorporated cell company (ICC). The introduction of the legislation followed soon after the creation of the structure in Jersey in February 2006. In January 2007 my team performed the first conversion of a mutual PCC fund to an ICC (creating the world's largest ICC mutual fund).
Segregation: A Potted History
As most readers will be aware, Guernsey pioneered the protected cell company (PCC) concept in 1997, modelled on similar but less formal and enforceable provisions in the Caribbean. Some 10 years on, the Guernsey PCC concept has been adopted by many major offshore jurisdictions. Far from its origins in the management and structuring of insurance risk, it is now used extensively in many areas of offshore financial structuring, including single purpose vehicle (SPV) cells for securitisation purposes and particularly for
