Gibraltar has completed its first insurance-linked securities (ILS) transaction with online lottery provider Lottoland, to the tune of €100 million.
The ILS has been placed within the EU by means of an issuance vehicle, Euroguard Insurance Company Protected Cell Company, also based in Gibraltar.
Euroguard was established in 1996 and is part of MMI Holdings Limited, the multi-national financial services group listed on the Johannesburg stock exchange.
Gibraltar’s government announced its ambitions to establish itself as an ILS jurisdiction within the EU in April 2015.
In this time, the government set up a working group of international specialists in this field, and finalised its regulatory landscape to introduce ILS to the domicile.
Albert Isola, minister for financial Services for the government of Gibraltar, stated: “It is particularly gratifying that this transaction involves businesses from both of Gibraltar's vibrant and growing insurance and gaming sectors.”
“These are important sectors in our community providing valuable employment and other opportunities for our economy.“
“Our ILS journey has been swift and has been helped enormously by the formation of the ILS Working Group with [Andre Perez] last year in which a number of the largest ILS players participated.”
