A local insurance manager has obtained a license for a cell thus underlining the viability of the legal structures in question.
The local legislation permitting cell structures in the context of insurance businesses has once again been put to good use, with the jurisdiction recently seeing the licensing of a new cell within an insurance management business. The new entity is one of the first European insurance managers to make use of this structure.
Cell structures essentially permit companies to be compartimentalized such that each compartment enjoys separate assets and liabilities i.e.separate patrimony. The arrangement provides significant flexibilities and cost-reduction opportunities. Cell structures have now been deployed a number of times in the jurisdiction and the viability of the arrangement is increasingly becoming well-established.
