08/10/2009
Specialty insurer American Safety Insurance (ASI) has formed a Vermont protected cell company (PCC), American Safety Assurance (Vermont).
The Vermont PCC is intended to complement the operations of Bermuda segregated account company (SAC) American Safety Assurance, which is owned by overall parent American Safety Insurance Holdings.
"Since the differences between off- and on-shore captives have been greatly reduced, the establishment of a Vermont-domiciled facility gives clients another option to consider when structuring a program with ASI," said Brad Isaacson, vice president of Programs at ASI.
Isaacson said ASI has seen recent success using the captive in conjunction with other ASI member companies in a fronting arrangement.
"For example, ASA (Vermont) is holding $4m in collateral in a protected cell to reinsure a professional and general liability policy issued by American Safety Indemnity to a company that manages assisted living facilities. The protected cell assumes 100% of the liability from ASIC."
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