Willis Global Captive Practice, a unit of Willis Group Holdings plc, today announced it has set up a Willis-owned and managed protected cell company (“PCC”) insurance facility in Vermont.
Willis announced that the new facility, Encore Insurance PCC Ltd., will underwrite U.S. risks and provide clients with the benefits that come with the operation of a captive insurance company for those who may lack sufficient premium volume or may not wish to operate their own insurance company.
Willis said that in certain circumstances a protected cell structure provides a more cost effective solution than a traditional stand-alone captive insurance company. The segregation provisions of PCC legislation provides clients with a secure underwriting account without pooling assets and liabilities. Through a PCC, clients can realize the benefits of captive ownership with potentially lower capital commitments, reduced operating costs, and less management time commitment, according to the announcement.
Encore will be managed by Willis Management (Vermont) Ltd. which is headed by David Guerino, managing director.
“Encore is a welcome compliment to Willis’s offering of PCC facilities and similar structures that we operate in Bermuda, Barbados and Malta,” said Paul Owens, CEO of Willis Global Captive Practice.
Willis Group Holdings plc is a global risk advisory, re/insurance broking, and human capital and benefits firm. With roots dating to 1828, Willis operates with more than 18,000 employees in over 400 offices.
Source: Willis Group Holdings plc
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