Philadelphia Financial has established two new subsidiaries on the Island to provide life insurance products aimed at high net worth clients.The parent company announced yesterday that Philadelphia Financial Life Assurance Company (Bermuda) Ltd and Philadelphia Financial Life International Ltd would be the two companies that will add to Bermuda’s thriving insurance market.Both companies were incorporated on March 5 this year, according to the Registrar of Companies.Philadelphia Financial said yesterday that the new companies were formed to launch its international private placement life and annuity business.Private placement life insurance (PPLI) is a customised investment product, which is sometimes used by high net worth individuals as a wealth planning tool that can protect assets.“Our expansion into international markets is a response to both opportunity and demand, complementing Philadelphia Financial’s market-leading US-based PPLI franchise with a Bermuda domiciled solution to serve the global high net worth market,” said John Hillman, CEO of Philadelphia Financial.Ken Kilbane, executive vice-president, added: “The establishment of these two companies positions our firm as a single source of private placement solutions to distributors, wealth advisers, law firms, accounting firms, trust companies and alternative investment managers serving global high net worth clients.“Philadelphia Financial now has the ability to offer solutions from both our US domiciled carriers as well as through our Bermuda domiciled carriers.”It was not clear by press time yesterday how many employees the new companies will have, nor where on the Island the operation will be based.