The firm is counsel to Malta’s largest broking house, prominent insurance companies and a number of other players in the insurance market including insurance agencies, loss adjusters and independent insurance consultants. We advise various London-based and continental insurance companies licensed to carry out business in Malta.
The firm has amassed considerable experience in licensing and operational matters related to insurance and reinsurance, assisting clients in negotiations with the regulator for the purpose of setting up operations in Malta and, thereafter, in ensuring compliance with the regulatory framework.
In tandem with the firm’s Capital Markets team, we are well-equipped to assist in alternative and innovative means of raising capital and spreading risk, features that in recent years have risen to prominence in the insurance sector. Locally, our innovations in the field of insurance-linked securities have been a recent development. The forthcoming implementation of regulations on reinsurance special-purpose vehicles is expected to provide a platform for increased interest in the use of Maltese corporate vehicles for products such as catastrophe bonds.
There are a number of areas in which our Insurance team advises clients who have varying degrees of presence in Malta. Their presence varies between those who are providers of insurance products in the local market to multinational insurance and reinsurance groups involved in transactions or disputes with local entities. These areas are:
- the incorporation and licensing of insurers, reinsurers, captives (affiliated insurance companies), protected cell companies, incorporated cell companies, insurance intermediaries and securitization vehicles;
- transfer of insurance business portfolios;
- use of the capital markets as a source of finance for insurance and reinsurance companies;
- transactional issues;
- mergers, buyouts and liquidations of insurance companies;
- regulatory and compliance requirements incumbent upon insurers and insurance intermediaries;
- drafting of insurance policies, reinsurance treaties, and related documentation;
- local and cross-border dispute resolution on insurance and reinsurance related matters, appearing both for and (in representation of local insureds) against, insurance and reinsurance companies;
- commercial disputes arising from the sale and purchase of insurance businesses;
- the restructuring, reorganisation or insolvency of local insurance companies.