Malta-based insurer and protected cell company (PCC) Atlas Insurance PCC (Atlas) has obtained authorisation for its UK branch licence. It has also extended its non-life insurance and reinsurance licence to encompass life reinsurance.
Having been active in the UK market since 2010, the UK branch authorisation ensures continuity for Atlas’ existing cells to continue writing UK risks post-Brexit.
The branch will ‘uniquely’ enable companies and insurance intermediaries with UK risks or customers to set up their own protected cells offering insurance directly to their customers or insuring their own UK risks. This reduces the barriers to entry to retaining insurance risk and accessing the lower-cost reinsurance market.
Cells hosted by Atlas will be able to write non-life insurance risks directly across both the European Economic Area (EEA) and UK markets and reinsure both life and non-life risks, which, according to the company, marks a significant expansion in the range of services offered.
Through extending the licence to include life reinsurance, Atlas says, the company is responding directly to customer demand, “showcasing its dedication to meeting client needs and expanding its range of services”.
Atlas has licensed its first cell reinsuring consumer products with non-life and life benefits. The licence opens up other opportunities, such as in employee benefits programmes that reinsure group life business for the cell owners’ groups.
Matthew von Brockdorff, CEO of Atlas, comments: “Our UK branch marks our first physical branch outside Malta, an exciting milestone as we begin celebrating our centenary.”
Michael Whitfield, head of the UK branch, says: “The authorisation of our UK branch reinforces our unique position as both a traditional insurer in Malta and a host for cells writing consumer and captive insurance in the EU and UK. This expansion demonstrates our team’s dedication and expertise in navigating complex regulatory environments.”
Ian-Edward Stafrace, chief strategy officer and head of the company’s international business, adds, “As an independent PCC host, we are also extending the win-win opportunities for global insurance and captive management companies, brokers and consultancies and their customers, whether for retail insurance or captive risk financing.”
