Wednesday, July 24, 2024

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Marsh launches latest Mangrove cell facility in Cayman

Marsh has established a new segregated portfolio facility in the Cayman Islands, Mangrove Insurance SPC (Cayman), in its latest addition to its cell company brand.

The broker said the new composite licence will provide opportunities in both general and long-term types of business.

“We’re thrilled to announce the licensure of our new protected cell facility in Cayman, Mangrove Insurance, SPC (Cayman),” said Kieran Mehigan, managing director, Cayman Islands at Marsh Captive Solutions.

In January, Marsh Captive Solutions launched ReadyCell to enable organisations to form their own insurance company within its Mangrove Protected Cell Facility in Washington DC.

Marsh also owns cell companies in Guernsey, Isle of Man, Bermuda, Malta, Vermont and Barbados.

The latest figures from the Cayman Islands Monetary Authority show that there has been growth in the number of pure captives, segregated portfolio companies (SPCs), and group captives.

Marsh launched a Bermuda-domiciled cyber group captive in March for companies seeking more control of their cyber insurance programmes.

Participating members can purchase up to $10m in insurance or reinsurance from Edgware Re based on their needs, and limits are expected to grow as participation increases.