Willis sets up Maltese captive
by Gill Montia
Story link: Willis sets up Maltese captive
Willis Group has set up a Willis-owned and managed captive insurance facility, in Malta.
Captives are subsidiaries that finance risks held by their parent companies and according to the broker, the move will allow its clients to realise the benefits of captive ownership i.e. lower capital commitment and reduced operating costs.
Lime Street Insurance PCC Ltd has been established to underwrite risk for entities across the European Economic Area which may have insufficient premium volume (or other reasons) for not wishing to establish their own insurance subsidiary.
It will appeal to firms that are interested in: reducing their dependency on local carriers; accessing international insurance markets; cost-effective access to captive technology for risk retention and an efficient means to consolidate risk in a captive.
Willis’ Global captive practice leader, Tom Coughlin, comments: “The launch of Lime Street is part of our strategy to offer our clients the broadest range of risk financing options possible.”