Rockhampton Insurance will write some £60m of reinsurance business this year
Rockhampton Insurance PCC Limited has successfully commenced business in Gibraltar from 1 January 2008, and expects to write some £60m of reinsurance business through its first cell this year.
Rockhampton was set up and is controlled by Line Trustees SPV (International) Limited ("Line"). The company is licensed by the Gibraltar Financial Services Commission.
A spokesperson for Line said: "We are pleased to have made this investment in Rockhampton and we anticipate that Rockhampton's business will expand in the future."
Rockhampton, a Protected Cell Company (PCC), was established with the assistance of Aon Insurance Managers (Gibraltar) Ltd and Canon Consultancy Ltd, and is the first reinsurance PCC to base itself in Gibraltar.
Gibraltar was the first jurisdiction in the European Union to implement PCC legislation in 2001.
Using local underwriting expertise Rockhampton is currently writing reinsurance business for Brit Insurance, the UK-domiciled international general insurance and reinsurance group.
Rockhampton Chairman, John Young said: "We are delighted to have written our first policies. The FSC have been very helpful in helping us establish the company and along with the Government of Gibraltar do much to confirm Gibraltar as an attractive domicile. We are also delighted to be able to attract prestige clients like Brit to Rockhampton and hope by establishing Rockhampton here we can help stimulate growth in the reinsurance sector."
Rockhampton and Line were advised by Hassans partner, Nigel Feetham.