Aigis – named after Zeus’s shield in Greek mythology – is targeted at private companies and partnerships and claims to be cost-effective, since each company establishes its own cell within a Protected Cell Company managed by Close.
Andrew Henton, group managing director, explained: ‘We think it is an attractive proposition for small and mid-sized companies, such as the smaller FTSE 250 companies and larger privately owned companies.
The proposition for the client is self-insurance and the opportunity to reduce the cost of buying statutory classes of insurance, typically third-party liability, employee liability, and professional indemnity – the classes they have to buy, where premiums are going up.
‘We’ve provided a package of solutions which enables smaller companies to access the reinsurance market and build what amounts to a money pot to meet further claims costs.
Aigis’s directors and captive insurance manager are based in Guernsey; however, the administration of the product will be undertaken by the corporate services team in Jersey.
