Aon Captive Services Group (ACSG) has announced the opening of Aon Insurance Managers (Malta) Ltd, (AIM).
The company has been formed by ACSG to take advantage of Malta's entry into the European Union, effective May 2004, as well as the country's desire to attract European insurance business. Aon was drawn to Malta by a number of appealing factors including the ability to 'passport' insurance into all territories within the European Economic Area (EEA), the existing robust regulatory regime lead by the Malta Financial Services Authority (MFSA) as well as the area's well educated and motivated local work force. Malta also benefits from recently introduced Protected Cell Company (PCC) legislation, and 'Continuation of Companies' regulations which allow licensed insurance companies resident in a foreign domicile with equivalent legislation to re-domicile to the island.
AIM is already in the process of dealing with enquiries from a number of parties interested in forming Malta based captives and open market insurers.
Aon Malta Limited, a local Aon subsidiary will support AIM (Malta) in its early phase of establishment through the full provision of resources to the new company. Further captive and European insurance expertise is being provided by the Aon Captive Services Group.
Stephen Cross, CEO of Aon Captive Services Group commented, "This move broadens and strengthens Aon's offering to our clients, in particular for direct writing into Europe. There is a clear demand out there for Malta based captives that we are now able to serve with the establishment of this new office.
"Our expectation is that as Malta enters the EU, it will become a significant player in the captive market within the next few years," Cross added.