A cell captive – a ‘virtual insurance company’ – is owned and controlled jointly by the client(s) and the cell captive insurer. It is a contractual relationship formed by the insurer issuing a separate class of preference shares, coupled with an agreement.
The agreement sets out the rights and obligations of the preference shareholder (the cell owner) and the insurer. It also governs the arrangements in respect of the insurance business transacted, counts, and access to information. This structure can be utilised by any corporate to underwrite its own risks, but is usually best suited to a group of companies, or a joint venture.READ MORE
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