Atlas Insurance PCC, Malta-based insurer and Protected Cell Company (PCC) in the EU, has obtained authorisation for its UK branch license and extended its non-life insurance and reinsurance license to encompass life reinsurance.
The insurer has been active in the UK market since 2010. The authorisation of the UK branch ensures continuity for existing cells to continue writing UK risks post-Brexit and reaffirms Atlas Insurance PCC’s commitment to its partners in the country.
“Our UK branch marks our first physical branch outside Malta, an exciting milestone as we begin celebrating our centenary,” said Matthew von Brockdorff, CEO of Atlas. “These advancements are a testament to our commitment to innovation and responding to emerging needs of our international customers and partners.”
Through the PCC’s UK branch companies and insurance intermediaries with UK risks or customers can set up their own protected cells
This allows them to offer insurance directly to their customers or insuring their own UK risks, reducing the barriers to entry to retaining insurance risk and accessing the lower-cost reinsurance market.
Cells hosted by Atlas Insurance PCC can write non-life insurance risks directly across both the European Economic Area (EEA) and UK markets and reinsure both life and non-life risks, marking a significant expansion in the range of services offered.
Michael Whitfield, Head of UK Branch for Atlas, commented: “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.”
Atlas has also announced the extension of its non-life insurance and reinsurance license to encompass life reinsurance, a move tha is a direct response to customer demand, according to the announcement.
The MAltese insurer has licenced 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.
Ian-Edward Stafrace, Chief Strategy Officer at Atlas and head of its international business, added: “Our extended reach into the UK market and the inclusion of life reinsurance in our portfolio positions us to serve our clients even better.
“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.”
