Heath Lambert has announced the launch of a new captives operation in Malta.
Heath Lambert Insurance Management Group has entered into a joint venture with Maltese broker Jatco Insurance Brokers, owned by John Tortell, and Sisiell Ltd, headed by lawyer Dr Simon Tortell, and has received a licence from the Maltese regulator to act as an insurance manager.
HLIMG has been working since Malta joined the EU in May 2004 to establish a captive operation in what looks set to become a leading captive insurance domicile in Europe.
John Tortell has been appointed as General Manager of Heath Lambert Insurance Management Group's Malta operation.
Merise Wheatley, Managing Director, said,"This is an exciting opportunity for Heath Lambert and for our clients. By combining Heath Lambert's extensive captive experience with John's local knowledge, contacts and respected position within the market, we will be in an excellent position to make the most of Malta's entry into the EU on behalf of our clients. The ability to issue policies directly into the EU/EEA provides significant savings on fronting and collateral costs."
John Tortell added,"Malta provides an efficient environment for a captive due to its effective but responsive regulatory regime and the availability of a highly trained, professional workforce. These benefits also make Malta attractive as a location for reinsurance captives which can require significantly less capital than a direct writing captive."