CELL CAPTIVES & ‘MUTUALS’

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

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.

  • We have a reputable track record and a GCR AA- rating.
  • We have the know-how and skills to structure sophisticated UMA facilities.
  • We have an unwavering work ethic, strong values and are loyal to our UMAs.
  • We give you the flexibility to underwrite and manage claims through the provision of optimal binder mandates.

THE STRUCTURE

THE PROFITS (OR LOSSES)

Profits (or losses) which arise from the insurance business conducted in the cell, as well as investment income, accrue to the cell owner. Profits are shared with the cell owner by way of a dividend distribution on a periodic basis. Costs relating to reinsurance, commission to intermediaries, and the insurer’s fee are charged to the cell account. We have the ability to structure suitable arrangements for a group of businesses who wish to enter into such an arrangement.

Centriq Insurance Company Limited and Centriq Life Insurance Company Limited are authorised financial services providers
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