Low net tax and network of tax treaties ‘made the island attractive’
White Rock, a group of insurance and reinsurance vehicles with operations in key domiciles including Bermuda, Gibraltar, Guernsey and Luxembourg, has today redomiciled White Rock Insurance (Europe) PCC Ltd (White Rock Europe) to Malta. This move further enhances White Rock’s ability to meet the exacting needs of clients, broadening their domicile options for Protected Cell activities.
Owned by Aon, the White Rock companies offer clients a diverse suite of insurance solutions through utilisation of Protected Cell, Segregated Account and Rent-a-Captive facilities. Aon’s leadership in this field is demonstrated in its innovative approach to these structures and our tight control framework, which ensures that clients’ assets are well protected.
White Rock had two licensed PCCs in Gibraltar – White Rock Insurance (Gibraltar) PCC Ltd and White Rock Insurance (Europe) PCC Ltd.
White Rock Europe is able to provide private and multinational companies alike with fronting and/or retention facilities at competitive rates. It was formed in June 2005 responding to a specific need by clients for a PCC which was not a member of the terrorism pools in the EU. Since then, the company has enjoyed a high degree of success and today has six active cells writing annual premiums in excess of €30m with gross assets of over €47m.
While it is similar to Gibraltar in terms of access into the EU, Malta will prove attractive to existing and new clients due to its low net tax costs and comprehensive network of double taxation treaties.
Chris Le Conte of White Rock Global said: “The Board of White Rock Europe wishes to express its gratitude to the Gibraltar Financial Services Commission for all the assistance it has given over the past years and looks forward to working with the Malta Financial Services Authority under a similar open and flexible relationship as it has enjoyed so far.”
“The move to Malta allows us to offer clients a greater choice in the options available to them when considering a Captive solution. It is still business-as-usual for White Rock Insurance (Gibraltar) PCC Ltd and an opportunity to further build upon the success of White Rock Europe.”