Malta
03 July 2017
Reporter: Becky Butcher

Compre launches PCC in Malta


Compre, an insurance and reinsurance legacy specialist, has established a protected cell company (PCC) in Malta, after receiving approval from the Malta Financial Services Authority (MFSA).

Compre has transferred London & Leith Insurance from its current UK location to Malta, where it will be established as a PCC.

London & Leith Insurance PCC will acquire portfolios of discontinued non-life insurance and reinsurance business.

According to Compre, the move will allow greater flexibility to undertake transactions, and will enhance the firm’s ability to provide finality for customers transferring portfolios and selling books of business or entire companies.

At the same time, Compre has secured additional funds for further acquisitions through a revolving credit facility with the Royal Bank of Scotland, to enhance its borrowing capacity.

Nick Steer, CEO of Compre, said: “Gaining permission to provide finality solutions out of Malta, and the ability to use individual cells for particular business, marks an important step in the next phase of Compre’s development.”

Steer added: “This is the culmination of plans we have had for many years. With the added ability to transfer new and existing portfolios into Malta, Compre becomes a far more agile business. We are in a stronger position to meet demand and capitalise on new run-off opportunities. Meanwhile, the agreement with RBS significantly boosts our firepower for acquisitions of a broader type and scale.”

Compre has clarified that the move to Malta was not made in response to Brexit.

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
JLT IM hires new senior account manager
17 January 2018 | Vermont | Reporter: Ned Holmes
JLT IM has appointed Jocelyn Lyman as a new senior account manager
National Interstate establishes group captive
17 January 2018 | Ohio | Reporter: Ned Holmes
National Interstate Insurance has launched TowCap Premier, a group rental captive, designed exclusively for the towing and recovery industry
Martin & Company opens EB division
16 January 2018 | Philadelphia | Reporter: Ned Holmes
Martin & Company has established an employee benefits consulting division and expanded its life, accident and health department
PRA proposes Solvency II reporting amendments
15 January 2018 | London | Reporter: Ned Holmes
The PRA has proposed multiple changes to insurance reporting requirements under the Solvency II directive
Utah sees 63 new captive formations in 2017
15 January 2018 | Salt Lake City | Reporter: Ned Holmes
The Utah Insurance Department licensed 60 new full captive insurance companies in 2017, in comparison to the 68 that it licensed in 2016
R&Q sells captive operations
15 January 2018 | London | Reporter: Ned Holmes
R&Q has sold its insurance services and captive management operations to Davies Group, a UK-based operations management, consultancy and digital solutions provider
AHPs rule could have future effect on captive market
12 January 2018 | New York | Reporter: Ned Holmes
The DOL proposed rules on AHPs could have a future impact on the medical stop-loss captive insurance market, according to Phillip Giles, vice president of sales and marketing at QBE North America