Premium Insurance Company has relocated to Malta from Gibraltar as part of its Brexit preparations.
While the circumstances surrounding the UK’s exit from the EU, or whether it will actually happen, remain uncertain there has been significant traffic between Malta and Gibraltar in preparation for Brexit.
Following Brexit, Gibraltar will retain access to the UK market but will lose access to the EU market, while Malta will lose access to the UK market but retain access to the EU market–which has led to traffic between the two as companies look to secure access to their required markets post-Brexit.
Nigel Feetham, partner at Hassans International Law Firm, described this movement of insurers as a “two way Brexit strategy”.
Premium Insurance was established in Gibraltar in 2015 and is authorised to carry out insurance activities in the Slovak Republic on the basis of the freedom to provide services in the EU member states.
In order to retain access to the EU market, the company has relocated to Malta, where it was authorised to carry out insurance activities by the Malta Financial Services Authority on 26 March 2019.
According to a statement from Premium Insurance, the relocation of the company and the change of regulatory authority “has no impact on business relations of Premium Insurance with its business partners and clients”.
Premium Insurance added: “All insurance and other contracts concluded by the company Premium Insurance remain valid and rights and obligations of the contracting parties established by these contracts remain intact to the full extent.”
