Bray Insurance Company and Caversham Insurance Company have both redomiciled from Malta to Gibraltar.
Bray Insurance Company was established in Malta in 2008 but ceased its operations on 12 June this year, authorised by the Malta Financial Services Authority (MSFA).
Caversham Insurance Company was incorporated in 2005 but the company was ceased to be authorised by the MFSA on 16 April 2019.
The MFSA stated: “This surrender is entirely voluntary and does not arise as a result of any regulatory action taken by the MFSA but is due to a decision taken by the shareholders of the Company to re-domicile the Company to Gibraltar.”
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.
The industry has also seen insurers move the opposite direction. In May, Premium Insurance Company relocated to Malta from Gibraltar as part of its Brexit preparations.
Nigel Feetham, partner at Hassans International Law Firm, described this movement of insurers as a “two-way Brexit strategy”.
