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Martello Insurance PCC Limited is a Protected Cell Insurance Company established and licensed in the EU based domicile of Gibraltar to write all classes of general insurance. Martello’s unique selling proposition is its Protected Cell structure combined with its ability to directly write all classes of general insurance across the EEA (made up of all 27 EU member countries plus Iceland, Liechtenstein and Norway). A PCC is a corporate body segregated into legally distinct portions, known as the “core” and underlying “cells”. Gibraltar PCC legislation ensures that business transacted through a cell is segregated from the activities of other cells. Each cell’s revenue streams, assets and liabilities are separate from all other cells and its assets cannot be used to pay the losses or to meet the liabilities of other cells. By the same principle, reinsurance is arranged specifically for each cell and is available to pay only the losses of that cell. Because minimum capital requirements, board appointments, fiscal representatives and all other corporate responsibilities rest with the core a Martello Cell offers organizations all the advantages of a captive insurance facility without the considerable direct and indirect costs of running its own stand-alone captive. As an EU Insurer, Martello can directly write all classes of general insurance across all EEA countries on an admitted basis, giving its paper the same regulatory status as any local insurer, thereby making Martello an ideal fronting facility for any client with European interests. Martello, in liaison with its fiscal representatives, co-ordinates all local taxes and levies in the risk territories and collects and pays these over to the relevant local authorities. 100% reinsurance out of the cell is permitted although the cell user can opt to retain risk in the cell if required. If the cell user wishes to retain risk it is required to introduce appropriate levels of capital, sufficient to cover its risk gap and technical solvency, and is issued with cell redeemable preference shares to represent its equity interest. Where the user does not wish to introduce the full requirement in cash Martello can, in certain circumstances, rent capital to the user. Where the cell is used purely for fronting there is no need to introduce capital and no need to own shares, although the option exists to do so if preferred. Martello is a boutique operation independent of all other insurers and brokers; however, amongst its promoters and executives are individuals with experience second to none in writing cross border risks in the EEA and beyond. Martello is currently unrated by any of the credit agencies; however in most circumstances rated paper is not a requirement for captive risk and indeed the vast majority of captive insurers are unrated. It is however possible to have individual cells rated. Contact us: We are based at 85 Main Street, Gibraltar, phone number +350-50100, fax number + 350-41215. Email us at info@martelloinsurance.com, visit our website at www.martelloinsurance.com OR contact our principals directly:
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| http://www.captive.com/captives/MartelloPCC/ | |