European and Latin American insurance and reinsurance brokerage and risk consulting provider, MDS Group, announced the launch of HighDome PCC Ltd, a protected cell company, “to provide alternative risk financing services including self insurance facilities, access to reinsurance markets, and fronting arrangements.”
HighDome is marketed through MDS Group and BrokersLink, a major broker network. The bulletin said it “simplifies the captive concept used by large corporations,” and enables organizations “to reduce and have long-term stability in their insurance costs, and the possibility of covering those risks more difficult to insure in the traditional markets.”
HighDome will primarily target medium sized enterprises and larger organizations with an individual strategic risk. CEO Paula Rios described the new service as an “excellent example of MDS’s drive for innovative solutions to really benefit clients.”
She added that the use of a “PCC can be an extremely cost efficient method of managing risk. Our service allows a wider range of businesses to achieve savings whilst avoiding the onerous set up procedures and high ongoing administration costs of a captive.”
The PCC is an insurance and or reinsurance company constituted by a core (managed by the company’s promoter, MDS Group) and separate cells in which the clients insure their own risks. These cells are completely financially independent and legally protected from the core itself and the other cells. The core provides the minimum capital required and each cell owner is responsible for ensuring an adequate margin of capital solvency is required, according to the cell’s business volume.
HighDome is a 100 percent subsidiary of MDS Group and is fully authorized and regulated by the Malta Financial Services Authority to conduct both insurance and reinsurance business in short tail risks such as credit and surety, damage to property and miscellaneous loss, fire, business interruption, accident and goods in transit.