USA Risk Group Malta has finalised its acquisition of Island Insurance Management for an undisclosed sum.
Island Insurance Management serves captives, insurers and reinsurers interested in operating in Malta.
A USA Risk Malta spokesperson said the captive manager is delighted at the acquisition and added that the business will continue as normal.
USA Risk recently launched the first securitisation cell company (SCC) in Malta to be set up as a reinsurance special purpose vehicle (RSPV).
Exchange Re, which will be managed by USA Risk's Malta office, will operate as an open architecture system allowing third-party insurance managers to manage their own cells for clients within the SCC, which allows for the launch of multiple securitisation transactions without incurring any risk of cross-contamination between the different sets of creditors and investors.
