Vantage Limited has formed the first protected cell captive insurance company in Jersey. Black Pearl Insurance 1 PC will insure the professional liability risks for a financial services business. Vantage already manage a number of captive insurance structures from their offices in St Helier Jersey, but this is the first cell of an insurance protected cell company to receive regulatory approval from the Jersey Financial Services Commission (“JFSC”). The captive is a cell of Vantage's own in-house protected cell company - Black Pearl Insurance (Jersey) PCC. It has been set up for the Polygon Group and will act as a captive insurance company for some of its Professional Indemnity and Directors' & Officers' risks. Vantage are Jersey's first specialist insurance management firm and have been working to develop the captive insurance sector in Jersey. In conjunction with Jersey Finance (the island's promotional body for the financial services sector) and the Jersey International Insurance Association, Vantage has also been working to establish the Island as a recognised jurisdiction for international insurance business. Richard Packman (pictured), Managing Director of Vantage Limited commented : “We are delighted to have been appointed to establish and manage Jersey's first insurance protected cell. Protected cell companies have been widely used by the other financial service sectors in Jersey since the legislation was passed in 2006. This is an exciting development for ourselves and indeed Jersey's insurance business as a whole and is the first of what I hope will be numerous other captive insurance cells set up here”. “This is testament to both Vantage's, and Jersey's as a whole, growing reputation in the international insurance arena and the interest that the Island is starting to receive for its captive insurance services.”
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