Vantage Limited has formed the first protected cell captive insurance company in Jersey. Black Pearl Insurance 1 PC will insure the professional liability risks for a financial services business.
This is the first cell of an insurance protected cell company to receive regulatory approval from the Jersey Financial Services Commission.
The captive is a cell of Vantage’s own in-house protected cell company, Black Pearl Insurance (Jersey) PCC. It has been sut up for the Polygon Group and will act as a captive insurance company for some of its professional indemnity and directors and officers’ risks.
Richard Packman, managing director of Vantage Limited, commented: “We are delighted to have been appointed to establish and manage Jersey’s first insurance protected cell.”
“Protected cell companies have been widely used by the other financial service sectors in Jersey since the legislation was passed in 2006. This is an exciting development for ourselves and indeed Jersey’s insurance business as a whole and is the first of what I hope will be numerous other captive insurance cells set up here.”
