Aon Redomiciles White Rock RRG from Gibraltar to Malta

October 28, 2008

Aon announced that part of its White Rock operation, described as a “unique group of insurance and reinsurance vehicles with operations in key domiciles including Bermuda, Gibraltar, Guernsey and Luxembourg,” has been redomiciled. The move only affects White Rock Insurance (Europe) PCC Ltd., which has changed its domicile from Gibraltar to Malta.

Aon said the move “further enhances White Rock’s ability to meet the exacting needs of clients, broadening their domicile options for Protected Cell activities.”

Aon owns White Rock. It offers the broker’s clients “a diverse suite of insurance solutions through utilization of Protected Cell, Segregated Account and Rent-a-Captive facilities.” Aon described the solutions available as an “innovative approach to these structures,” adding that its “tight control framework ensures that clients’ assets are well protected.”

White Rock had two licensed PCCs in Gibraltar – White Rock Insurance (Gibraltar) PCC Ltd. and White Rock Insurance (Europe) PCC Ltd.

Aon added: “White Rock Europe is able to provide private and multinational companies alike with fronting and/or retention facilities at competitive rates. It was formed in June 2005 responding to a specific need by clients for a PCC, which was not a member of the terrorism pools in the EU. Since then, the company has enjoyed a high degree of success and today has six active cells writing annual premiums in excess of €30 million ($37.5 million) with gross assets of over €47 million ($58.3 million).

“Whilst similar to Gibraltar in terms of access into the EU, Malta will prove attractive to existing and new clients due to its low net tax costs and comprehensive network of double taxation treaties.”

Chris Le Conte of White Rock Global stated: “The Board of White Rock Europe wishes to express its gratitude to the Gibraltar Financial Services Commission for all the assistance it has given over the past years and looks forward to working with the Malta Financial Services Authority under a similar open and flexible relationship as it has enjoyed so far.”

He added that the move to “Malta allows us to offer clients a greater choice in the options available to them when considering a Captive solution. It is still business-as-usual for White Rock Insurance (Gibraltar) PCC Ltd. and an opportunity to further build upon the success of White Rock Europe.”

Source: Aon – http://aon.mediaroom.com

Topics Europe Aon

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