There are no restrictions regarding the type of business that can be undertaken by a cell but a business plan must be submitted to the GFSC for approval. Below are some examples of the potential uses for a PCC and the types of business that could be undertaken:
Potential uses for a cell of a PCC
- An intermediate or alternative step for clients considering the possibility of establishing their own captive
- Access to reinsurance markets including terrorism pools such as Pool Re
- Niche products where conventional market cover is unavailable or expensive
- Joint venture undertakings
- Special purpose vehicles
- Commutation of captive programmes
- As a reinsurer for customer services, e.g. extended warranty, mobile phone guarantees etc.