The University of California has expanded its captive insurance operation by forming a protected cell company (PCC) in the District of Columbia.
The university already owns a single parent captive and risk retention group (RRG) in the jurisdiction, with total assets under management due to surpass $1bn.
Captive Review understands Eureka Insurance Company PCC, managed by Willis Towers Watson, will reinsure the university’s employee/employer life insurance programme.
It will be fronted and administered by Prudential and should go live on 1 January, 2019.
The first cell is expected to be authorised later this month after the PCC’s first board meeting is held.