Guernsey-based protected cell company (PCC) Igloo—established exclusively for housing associations—has added three new associations to its business.
The addition of Bromford Group, Merlin Housing Society and Notting Hill Housing brings the number of associations participating in Igloo to six.
Igloo’s alternative risk transfer solution, which was established by Acumus, enables housing associations to better align their risk management activities with their overall business objectives as well as improving their risk management capabilities, reduce premium levels and develop flexible insurance cover.
Andrew Battrum, group finance director at Bromford, said: “We see a number of benefits to joining Igloo. Firstly, it will help us reduce our overall insurance spend over time and ensure that we and our customers benefit directly from our risk management efforts rather than our insurers.”
“It will also enable us to achieve premium stability despite insurance market volatility, while providing flexibility in terms of the type and amount of insurance cover we place into the structure. We are confident that Igloo will deliver significant cost savings.”
Huw Thomas, CEO of Acumus, said: “Igloo is not just about generating cost savings and promoting greater risk control, it is also about building a community.”
“By bringing together like-minded housing associations, they are able to benefit both from the economies of scale that Igloo provides, as well as the sharing of ideas and risk management best practice across the sector.”
