London, UK, January 31st, 2011: The Captive Practice of Willis Group Holdings (NYSE: WSH), the global insurance broker, and Atlas Insurance PCC (Protected Cell Company), the Malta-based insurer, have become the first in the insurance industry to use PCC technology to underwrite UK statutory motor liability from Malta. Willis and Atlas established the unique insurance structure to cover the entire UK fleet liability of leading online supermarket Ocado.
Ocado, a Willis client, is the largest dedicated online supermarket in the world by sales and the fastest growing major grocery retailer in the UK. It delivers over 100,000 orders per week.
Ocado Limited has established the Ocado Cell within Atlas PCC where it is managed by Willis Management (Malta) Limited and is licensed to write motor and general liability risks. The cell was approved by the Malta Financial Services Authority in October 2010 and is now operationally active.
The Protected Cell solution affords clients the opportunity to access the highest quality European Union regulatory environment, within a structure combines a greater level of risk management control at reduced capital and operational costs than were historically available.
Commenting on the formation of the Ocado Cell, Celeste Kostopoulos, Willis Management (Malta), said, “We are delighted that our long relationship with Ocado continues to evolve and grow, as Willis and our partners Atlas bring the most innovative solutions to the table ”.
Michael Gatt, Managing Director of Atlas Insurance PCC, added “We are very pleased to offer our services to Willis and Ocado. This is in line with Atlas’ objective as an independent PCC of working closely with insurance management companies and providing the benefits of our protected cell facility to their clients.”