Captive International
www.captiveinternational.com NEWS
27
Marsh Captive Solutions sets up Malta PCC
Artex opens
Singapore office,
reveals chief exec
Photograph courtesy of JannHuizenga
MARSH CAPTIVE SOLUTIONS has formed
Mangrove Insurance Europe PCC, a new
protected cell company (PCC) domiciled
in Malta.
Mangrove Insurance Europe PCC is the
third of Marsh’s PCCs and joins two other
Mangrove Insurance Solutions PCCs
which are based in Washington DC and
the Isle of Man, respectively.
The PCCs are aimed at providing
small and mid-sized businesses with to
access to cost-effective risk financing
alternatives, and to allow larger firms to
segregate their retained risks associated
with joint ventures, strategic alliances,
and other arrangements that suit their
particular needs.
Mangrove Insurance Europe PCC is
led by Rob Geraghty, international sale
leader, and Lorraine Stack, international
advisory and sale leader of Marsh Captive
Solutions.
Management of the PCCs will be led by
Stephen Portelli, head of office, and David
Galea, deputy head of office, Marsh Malta.
“PCCs are an attractive alternative to
the conventional commercial insurance
market. By utilising a PCC, firms can avoid
the uncertainty associated with market
cycles and lack of cover for uninsurable
or ‘difficult to place’ risks, while those
with smaller insurance expenditures
are able to access captive insurance
arrangements more easily without the
need to form a single parent captive,” said
Geraghty.
“In Mangrove Insurance Europe PCC,
Marsh clients now have the opportunity
to access the benefits of an onshore-
ARTEX has expanded its operations in
Asia-Pacific with the creation of Artex
Risk Solutions (Singapore), its first office
in the region.
The new office will oversee the growth
and development of Artex’s Asia-Pacific
captive and risk solutions strategy.
Spearheading this new office is Vic
Pannuzzo, who has been hired as its chief
executive.
Pannuzzo has over 30 years of
experience serving large multinationals
in the insurance and risk service industry
within the Asia-Pacific market. The last
17 were spent managing and advising
captive client and prospects.
“I’m very excited to be part of this
dynamic organisation and look forward
to offering true differentiation in captive
and related services in Singapore and the
developing region,” said Pannuzzo.
David McManus, president and CEO
of Artex, commented: “Over the past few
years Artex has developed into one of
the fastest growing and most diverse
insurance managers in the marketplace.
“We’ve broadened our reach into
Europe, and significantly increased scale
in Bermuda and the Cayman Islands.
“We have a number of clients in the
Asia-Pacific region already and believe
that we now have a great opportunity to
release the untapped potential in that
marketplace.
“This expanded global reach also
enhances the variety of solutions Artex
offers our customers worldwide.” l
MetLife appoints global employee
benefits head
METLIFE, a provider of insurance
annuities, employee benefits and asset
management, has appointed current
executive vice president James Reid as
head of its global employee benefits (EB)
business.
Reid will be responsible for accelerating
the unit’s growth by partnering with
MetLife’s regional offices and expanding
relationships with top financial
institutions and global EB brokers and
consultants. He will also lead select
critical growth initiatives for the company.
Reid has over 25 years of experience in
health and EB, and profit and loss (P&L)
ownership.
He has held numerous leadership
roles within MetLife’s US group benefits
business, most recently spearheading
regional and small business solutions.
Prior to MetLife, Reid worked at Aetna
for over 20 years, serving in leadership
roles in its healthcare and voluntary
business groups.
“James brings tremendous industry
knowledge, innovative thinking, and a
focus on plan execution to GEB,” said
Michel Khalaf, president, US business
and EMEA at MetLife.
“With both healthcare and EB
experience, he is well positioned to lead
this charge.”
Reid commented: “The power of EB to
bring peace of mind and, in many cases,
a lifeline to employees all over the world
cannot be overestimated.
“A connected network such as MetLife
GEB has the expertise to provide the
best solutions for global clients as it
applies a dual macro and micro lens to
solving challenges. I am proud to have the
opportunity to work with this team.” l
based captive located within the EU,
while also using the capital, cost and time
efficiencies that PCCs offer.”
Portelli added: “Malta has built a strong
reputation as one of the world’s leading
captive domiciles and is well-known for
its robust PCC and captive legislation.
“Mangrove Insurance Europe PCC is
designed to enhance our clients’ risk
strategies and help them deal with the
increasingly complex risk environment in
which they now operate.” l