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In a protected cell structure, a sponsor operates a licensed insurer divided into cells. A participant's premium, assets and liabilities sit in its own cell and are separated from other cells and from the sponsor's core — to the extent the domicile's law provides.
A cell-based structure that separates participant assets and liabilities within a sponsored or cell company framework.
15 active providers
How are these providers ranked?Terminology varies by jurisdiction. Statutes use terms such as protected cell, incorporated cell, segregated account or series, and they are not interchangeable; confirm the exact legal form in the domicile you are considering.
| Factor | Unincorporated cell | Incorporated cell | Rent-a-captive | Standalone captive |
|---|---|---|---|---|
| Separate legal entity | No — part of the sponsor | Yes, where the statute provides | No | Yes |
| Basis of separation | Statute and cell agreement | Statute and separate entity | Contract and accounting | Separate company |
| Your control | Within sponsor rules | More, through the cell’s own board | Within sponsor rules | Full |
| Leaving | Cell termination needs approval | Can be more portable; check the law | Contractual exit | Your decision, subject to run-off |
Counsel familiar with the domicile's cell statute should review the cell agreement; ask the sponsor for its own financial statements and how it handles a failing cell.
American International Group (AIG) is a global insurance organization providing property-casualty, life, and health insurance and other financial services to businesses and individuals in more than 200 countries and jurisdictions. Through its Captive Solutions business, AIG offers fronting and captive management services, including group captives and sponsored protected cell facilities domiciled in Vermont and Bermuda.
Aprio, LLP is a licensed independent CPA firm operating under the Aprio brand and providing audit and attest services. Its insurance practice serves captive insurance companies, risk retention groups, property and casualty insurers, life and annuity carriers, reinsurers, captive managers, program administrators, MGAs and other insurance organizations. Captive-specific work includes audits under GAAP, IFRS and statutory accounting requirements.
Comerica Bank is a division of Fifth Third Bank providing dedicated banking services to captive insurance companies, insurers and reinsurers. Its captive services include collateral, letters of credit, Regulation 114 trusts, custody, investment management, treasury management, financing and foreign exchange solutions.
Not sure where to start?
Not sure whether Protected Cell / Cell Captive is the right route for your risk-financing need? A short structured questionnaire will map your requirements to the right kinds of provider.