AARIS Insurance Company has established the Cayman Islands’ first portfolio insurance company (PIC), following the introduction of new legislation on 16 January.
AGG 1 PIC will allow a portfolio of agri-business clients to participate as a group in a risk transfer mechanism for their workers’ compensation coverages.
AARIS, established by California-based Ascension Insurance Services, was assisted by Willis Management (Cayman), Cayman law firm Solomon Harris, and US law firm McDermott Will & Emery.
“We’re thrilled to have the honour of being the first to establish a Cayman PIC through AARIS,” said Joe Tatum, president and CEO of Ascension.
“The formation of AARIS creates unique and unprecedented opportunities for us as an insurance brokerage to provide even greater service through alternative risk management solutions, to both our existing and new clients.”
“As we continue our expansion, PICs are a groundbreaking offering that will be an immense value-add, not just to our agri-business partners, but to all the clients across multiple industries we do business with, now, and into the future.”
Stephen Gray, managing director of Willis Management (Cayman), commented: “We have always been a strong supporter of PICs and are delighted to have been involved in forming the very first one. A PIC provides the ideal solution for Ascension’s business objectives.”
