Artex has established a Vermont protected cell company (PCC), Artex Axcell PCC (Vermont), Inc, to provide organisations of all sizes an alternative platform for risk transfer.
Vermont has become increasingly popular as a jurisdiction for cell business in recent years, with 39 individual cells approved in the State during 2023 and its year-end number of protected and incorporated cells totaling 534.
Artex said its new PCC will facilitate protected and incorporated cells.
“PCCs have been one of the most important evolutions in the captive insurance marketplace in recent years, and we are thrilled to serve clients through our latest Artex Axcell PCC,” said Jennifer Gallagher, CEO of Artex, North America.
Barry White, executive vice president for sales, analytics and advisory for Artex, North America, said: “With Vermont now established as the largest captive domicile globally, we selected Vermont as part of our U.S. onshore strategy but also to complement our global offering.”
Artex said utilisation of the PCC gives clients the flexibility to begin a captive strategy before potentially growing into a single parent captive, while it can also provide access to the reinsurance market and capital markets and provide cash flow benefits.
Artex already owns cell company facilities under its Axcell brand in multiple domiciles including Guernsey, Bermuda and Cayman.