This article originally appeared on ‘The Voice’ June 2026

Atlas has just celebrated its first anniversary as an MGAA member. Our application for membership followed hot on the heels of our achieving authorisation for Atlas’s UK branch; a development which reinforced our century long establishment in Malta and our proud history of trading form many years in The European and UK markets. The establishment of our UK branch has also restored many of the opportunities and advantages for our customer MGAs and brokers that were lost after the UK exited from the EU.

In the UK, Atlas is represented by Paul Brierley, who is Head of UK Branch, and by myself: Head of UK Relationships. We’re both…shall we say “experienced”, having been round the insurance block a number of times in careers which have both lasted in excess of 40 years, so far. It’s been very nice to come across quite a few MGAA members who have known both of us over the years, as well as the many new faces that we’ve not previously met.

Propelled by several conversations, during which Paul or I take at least half an hour to articulate the most basic elements of what we do, I felt compelled to write this article in an effort to explain how MGAs and scheme owners can use an Atlas Protected Cell Company Cell (PCC Cell) to better control their insurance underwriting capacity. This can be achieved either by using a PCC Cell to underwrite all of an MGA’s UK and European business from the outset, or by progressively building a share of capacity by blending some of their own capital and future underwriting profits with capacity provided by our core, or by re-insurers, or even via an incubation model – more on these options later.

A PCC Cell is perhaps best described as a small insurance capacity provider entity, which operates under an umbrella structure provided by the PCC; somewhat akin to how a Lloyd’s syndicate exists within the overall structure provided by Lloyd’s. The PCC umbrella takes care of most of the quite onerous regulatory and administrative responsibilities which are a requirement when running any insurance company.

In recent years, operating as a small, independent insurer has become increasingly challenging, particularly in the light of regulatory and administrative requirements which can place a proportionately greater level of burden on smaller firms. Establishing a PCC Cell addresses many of these challenges by leveraging economies of scale and by deploying well established infrastructure, with proven systems and processes to take care of all that is required to run an efficient, small to medium sized insurance capacity entity.

While Solvency II requires that insurance firms establish and maintain appropriate levels of capital, this obligation is met by the PCC as a whole, with the individual cells having to contribute only the capital necessary to support its own activities. As a result, the significant barrier to market entry faced by stand-alone insurers in having to meet Solvency II’s Absolute Minimum Capital Requirement (AMCR) is not such a challenge.

An Atlas PCC cell is able to trade in the UK and across Europe via Atlas PCC’s authorisation in Malta and via its authorised UK branch office. The PCC’s assets are ring-fenced from the core’s and other cells. The shareholdings of the cells are directly owned by the cells’ owners. Each independent cell operating under the PCC umbrella is entirely discrete. Cells are protected contractually and by Malta’s long established PCC regulatory structure, from potential contagion by any other of the PCC’s cells.

While there is a growing number of PCC domiciles internationally, Malta is currently the only European jurisdiction which has established such legislation and regulation. Atlas is the only EU based PCC which has established a branch in the UK and which is able to write both third party and captive business through its cells, seamlessly and without cross-border barriers, throughout Europe and in the UK.

Since gaining our UK authorisation Paul and I have engaged with many firms which are new to us, as well as supporting our well-established existing UK and European cells. I believe that our proposition is particularly compelling for MGAs, brokers and scheme owners who need to better control their capacity and who want to retain and leverage underwriting profits and to lessen their reliance on high commissions as a part of their value proposition to end customers.

While many firms undoubtedly have good, long-standing relationships with their chosen insurers, we regularly hear from other businesses which are frustrated at the lack of control they have over their own products and services because of what they consider to be unnecessary interference and interventions from their capacity providers. Then we are aware of other firms which have been badly affected by decisions of capacity providers, particularly larger ones to curtail their activities, or even to withdraw entirely from markets because of strategic decisions which bear no relation to the success of individual schemes.

If you elect to establish a PCC Cell with Atlas, many of those frustrations and concerns about stability and sustainability can be overcome. Whilst the PCC is, by necessity involved in matters such as product oversight and does ultimately have to approve pricing, value parameters and other regulatory policies and requirements, the cell owner remains firmly at the centre in making strategic decisions and in driving the direction of the business.

Not only does the cell owner enjoy much improved security and self-determination over its future capacity, it also owns all of the profit from its underwriting activity, rather than having to rely on unpredictable or unreliable distribution commissions and profit-share mechanisms. Atlas derives its income in an entirely transparent fashion, solely from pre-agreed cell management fees, which represent a cell’s contribution to the running of the PCC and its infrastructure.

Of course, establishing a cell will inevitably require long term commitment from a potential owner, including providing capital to support the business that will be written. However, because Atlas can also write business through its own core, we can sometimes structure flexible solutions where our core participates in providing capacity alongside the cell. This can potentially allow MGAs and brokers to start trading with a lower level of capital at the outset than would otherwise be required.

Through a combination of the cell owner agreeing participation through our core and potentially by making re-insurance arrangements, increasing ownership of the insurance capacity can be built up by the cell owner over time; for example by re-investing underwriting profits as risk capital. In circumstances where we have a strong conviction and immediate appetite to provide capacity from our core, we can in some cases act as an incubator, allowing the MGA time to build its own capital position from a standing start.

To recap: the experience we have gained from our MGAA membership and our conversations with several fellow members leads us to believe that our PCC Cell proposition represents a clear and immediate opportunity for any MGA or broker which wants to better control its own future by owning some, or all of its insurance capacity.

Paul and I will be participating fully in the various MGAA events that are being arranged for 2026, including the annual conference. Please do catch up with us at our stand, or better still, make contact with either Paul or myself so that we can start a conversation right now.

In fact, all our engagements start with a simple, no obligation chat, just to explore what possibilities may, or may not exist. We love to talk!