The Global Captive Practice of Willis Group Holdings and Atlas Insurance PCC (Protected Cell Company), which is based on the Island of Malta, jointly announced the establishment of a new insurance structure to cover the entire UK fleet liability of the online supermarket Ocado.
The bulletin described the initiative as being “the first in the insurance industry to use PCC technology to underwrite UK statutory motor [auto] liability from Malta.” While PCC technology has been tried and tested over a number of years, this is the first time a cell structure has been used to underwrite UK statutory motor insurance.
Ocado, a Willis client, “is the largest dedicated online supermarket in the world by sales and the fastest growing major grocery retailer in the UK,” said the bulletin. “It delivers over 100,000 orders per week.
“Ocado Group plc has established the Ocado Cell within Atlas PCC where it is managed by Willis Management (Malta) Limited and is licensed to write motor and general liability risks. The cell was approved by the Malta Financial Services Authority in October 2010 and is now operationally active.”
It also explained that a Protected Cell solution “affords clients the opportunity to access the European Union regulatory environment, within a structure that combines a greater level of risk management control at reduced capital and operational costs than were historically available.”
Celeste Kostopoulos, Client Advocate, Willis Limited, commented: “We are delighted that our long relationship with Ocado continues to evolve and grow, as Willis and Atlas bring the most innovative solutions to the table.”
Michael Gatt, Managing Director of Atlas Insurance PCC, added: “We are very pleased to offer our services to Willis and Ocado. This is in line with Atlas’ objective as an independent PCC of working closely with insurance management companies and providing the benefits of our protected cell facility to their clients.”
Source: Willis Group Holdings
Topics Carriers Auto Underwriting
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