After new legislation came into effect on Jan. 16, which allows Cayman segregated portfolio company insurers to form portfolio insurance companies, Cayman’s model for incorporated cell companies, the first Cayman PIC has been incorporated.
AARIS Insurance Company, Ltd., SPC, established by Ascension Insurance Services, Inc., which has headquarters in California, has established AGG 1 PIC to allow a portfolio of agri-business clients to participate as a group in a risk transfer mechanism for their workers compensation coverages.
Willis Management (Cayman), Ltd., Cayman law firm Solomon Harris and U.S. law firm McDermott Will & Emery were the service providers involved.
“We’re thrilled to have the honor of being the first to establish a Cayman PIC through AARIS,” said Joe Tatum, president and CEO of Ascension Insurance Services. “The formation of AARIS creates unique and unprecedented opportunities for us as an insurance brokerage to provide even greater service through alternative risk management solutions, to both our existing and new clients. As we continue our expansion, PICs are a ground-breaking offering that will be an immense value-add, not just to our agri-business partners, but to all the clients across multiple industries we do business with, now, and into the future.”
Stephen Gray, managing director of Willis Management said, “We have always been a strong supporter of PICs and are delighted to have been involved in forming the very first one. A PIC provides the ideal solution for Ascension’s business objectives.”
Paul Scrivener, partner and head of the Insurance Group at Solomon Harris added, “It is really encouraging to see the first PIC formed so quickly after the PIC legislation came into force. Having been very closely involved in the development of the legislation and spoken about it with many industry participants, I was confident that there was a real business need for it. Hopefully, this will be the first PIC of many.”