Marsh Captive Solutions has formed Mangrove Insurance Europe PCC, a new protected cell company (PCC) domiciled in Malta.
This marks Marsh’s third PCC and joins Mangrove Insurance Solutions PCC and Mangrove Insurance Solutions, which are based in Washington DC and the Isle of Man, respectively.
Mangrove Insurance Europe PCC will be led by Rob Geraghty, international sales leader, and Lorraine Stack, international advisory and sales leader at Marsh Captive Solutions.
Stephen Portelli, head of office, and David Galea, deputy head of office at Marsh Malta will management the PCCs.
Geraghty said: “PCCs are an attractive alternative to the conventional commercial insurance market. By utilising a PCC, firms can avoid the uncertainty associated with market cycles and lack of cover for uninsurable or ‘difficult to place’ risks, while those with smaller insurance expenditures are able to access captive insurance arrangements more easily without the need to form a single-parent captive.”