The Malta Insurance Management Association (MIMA) and FinanceMalta have published the Managed Insurance Company Survey which shows that the number of managed insurers and reinsurers in the jurisdiction has almost doubled over a two-year period from 20 to 38 and the total gross premium written in Malta for 2008 by these insurance companies amounted to EUR512m, 28% above the previous year’s results.
Tax paid by insurers under management over the same period also doubled from EUR10m to EUR20m and gross fee revenues generated by management companies in 2008 rose by almost 200% to EUR3.73m from the EUR1.28m generated in the previous year, while the total cash and investments balance for insurers under management increased by 59% to EUR883m. MIMA comprises all the 13 licensed insurance managers operating in Malta. The association was established by its founding members for the purpose of safeguarding the interests of, and cultivating, insurance management expertise amongst its members, thus ensuring that Malta remains a leading centre for insurance management services.
Mr John Tortell, Chairman of MIMA, said: "The results are a clear indication that the international insurance market has become a substantial source of revenue in the financial services sector due largely to unrelenting efforts of all the licensed insurance managers to promote their services worldwide and the Regulatory Authorities to ensure a consistent application of the laws and regulations. These survey results augur well for the continuing growth of this sector.” Apart from Mr Tortell as Chairman, the officers of MIMA also include Mr Evander Borg as Deputy Chairman and Mr Ray Schembri as Treasurer. Dr. Matthew Bianchi is the Secretary of the Association.
The 13 licensed managers authorized by the Malta Financial Services Authority are: Abacus Risk Management Services PCC Limited; Alternative Risk Management (Malta) Limited; AON Insurance Managers (Malta) Limited; Ark Insurance Management (Malta) Limited; FirstUnited Insurance Management Limited; Heath Lambert Insurance Management (Malta) Limited; Heritage Insurance Management (Malta) Limited; HSBC Insurance Management (Malta) Limited; International Insurance Management Services Limited; Island Insurance Management Services Limited; JLT Insurance Management Malta Limited; Marsh Management Services Malta Limited; and Willis Management (Malta) Limited.
A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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