Jeometri Insurance Managers plans to utilise its combined experience with Alpha Growth to maximise the use of a new Guernsey protected cell company (PCC), subject to regulatory approval, according to Aaron Slattery, client services director at Jeometri.
Alpha Growth received regulatory approval to acquire Jeometri on Monday 9 September, acquiring 93% of the firm.
Darren Wadley, founder and executive director at Jeometri, told Captive Intelligence in September that Alpha Growth’s acquisition of the company would provide the captive manager with “numerous opportunities” going forward.
“As part of the acquisition, the composition of the company has obviously become quite diversified,” said Slattery, speaking on the latest episode of the Global Captive Podcast.
“We now have extensive experience across life, commercial, and captive insurance. Ultimately, what we want to do is utilise the PCC to its full capability.”
Slattery said the plan is to integrate the skill set within Jeometri’s overall risk appetite and explore a multiplicity of different risks.
“But of course, when you do that, you have to take into account licensing, categorisation, and all the regulatory aspects that come with it,” he said.
The PCC will initially be set up as a Category 5 captive insurer in Guernsey and is currently pending regulatory approval.
“That’s because, in our current pipeline, we have a few clients looking to self-insure certain elements of risk,” Slattery said.
“Once that’s in place, we plan to spin it off into a retail PCC and also explore certain life business opportunities.”
Wadley added that having a PCC has been on the cards for some time.
“Where we were in the past, most of our clients weren’t the type to go into a protected cell,” he said.
“But with the expansion through Alpha Growth, we’ve started seeing clients – or at least the size and type of clients – whose business would suit a protected cell structure.”