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8th of February 2012

Heritage lays claim to first PCC amalgamation

Gavin Bradshaw 29/03/2010

Heritage Insurance Management (Heritage) has performed the first amalgamation of two protected cell companies (PCCs) into a single PCC entity, Harlequin Insurance PCC.

The two Guernsey-domiciled companies, Harlequin Insurance PCC and Friary Court Insurance PCC, are both insurance PCCs with 17 independently owned cells between them.

“The amalgamation of two PCCs is not straightforward as each cell represents a separate class of share, which in turn means that all cell shareholders must vote in favour of the amalgamation in order for it to take place,” said Martin Le Pelley, Heritage’s compliance officer.

“Having achieved this milestone, we consider that the combined company will provide a more secure and efficient platform for our cell captive clients going forward,” he said.

The PCCs were used by Heritage and Heath Lambert Insurance Management (Guernsey) (Heath Lambert) to provide cell captive insurance facilities to their respective clients.

Following Heritage’s takeover of Heath Lambert’s insurance management business, it was decided to amalgamate the two PCCs as there was no need for them to exist separately.

Heritage acquired the whole of the issued share capital of Heath Lambert’s Guernsey and Maltese captive management operations last September, making it one of the largest European independent captive managers.

Tags: Guernsey, Heath Lambert, Heath Lambert Insurance Manageme, Heritage, Heritage Insurance Management, Malta, PCC, Protected cell company

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