Advantages of MRI
MRI is independently owned and not part of either a broking or underwriting insurance company. We are very flexible and have no difficulty working with existing insurers or brokers as required.
- Transparent Pricing
There are no hidden charges. We provide services at a fixed cost and the costs are clearly detailed as part of the Business Plan.
As shown on our People page our Directors are very experienced and all are qualified accountants and/or qualified insurance professionals.
MRI is located in Guernsey, which is the leading captive domicile in Europe and the fourth largest captive domicile in the world.
Guernsey established legislation in 1997 to enable the establishment of, at that time, a new type of company called a Protected Cell Company (PCC).
A PCC has a ‘core’ comprising the Ordinary Share Capital, and provides the Directors and management of the company.
The use of Managed Risk Insurance PCC Limited operating under Guernsey legislation offers a number of benefits, including:
- The Ordinary Share Capital of £100,000 is provided by the core (not by yourselves).
- Each client owns a cell within MRI. Each cell is completely ring-fenced and protected against the claims or liabilities of any other cell or the core.
- Each cell only has to provide capital commensurate with its own insurance risk. The minimum solvency requirement is 18% of the insurance premium but can be greater depending on other factors, such as the claims history and forecast claims.
- Directors and technical expertise are provided by the core. It is not essential to have insurance knowledge to establish your own 'self insured' insurance cover vehicle.
- Access to the re-insurance market provides very cost effective cover for any risk that you do not want to hold within the cell.
- MRI is tax exempt and any profits generated by a cell in MRI will not be taxed in Guernsey.
The insurance industry in Guernsey is regulated by the Guernsey Financial Services Commission (GFSC) which has a specific division dedicated to the regulation of insurance business.