Atlas Insurance PCC Expands Reach with UK Branch Authorization

Atlas Insurance Protected Cell Company (PCC) has obtained authorization for its UK branch license and extended its non-life insurance and reinsurance license to encompass life reinsurance.

Active in the UK market since 2010, the UK branch authorization ensures continuity for existing cells to continue writing UK risks post-Brexit.

The PCC's UK branch enables companies and insurance intermediaries with UK risks or customers to set up their own protected cells offering insurance directly to their customers or insuring their own UK risks, which, according to Atlas, reduces the barriers to entry to retaining insurance risk and accessing the lower-cost reinsurance market.

Cells hosted by Atlas Insurance PCC can write non-life insurance risks directly across both the European Economic Area and UK markets and reinsure both life and non-life risks, which marks a significant expansion in the range of services offered, Atlas said.

Through extending its license to include life reinsurance, Atlas has now been able to license a cell that reinsures consumer products with both non-life and life benefits. This license opens up other opportunities, such as in employee benefits programs that reinsure group life business for the cell owners' groups.

Atlas Insurance PCC said that it is the first traditional insurer to convert to a protected cell company.

Ian-Edward Stafrace, chief strategy officer at Atlas and head of its international business, said, "As an independent PCC host, we are … extending the win-win opportunities for global insurance and captive management companies, brokers and consultancies, and their customers, whether for retail insurance or captive risk financing."

Pictured above are Matthew von Brockdorff, CEO of Atlas Insurance PCC (left); Michael Whitfield, head of UK branch; and Ian-Edward Stafrace, chief strategy officer (right). (Photo courtesy of Atlas Insurance PCC.)