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 Industry 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
R&Q completes assignment of deductible liabilities
21 September 2017 | London | Reporter: Jenna Lomax
The liabilities relate to workers’ compensation policies issued between 1988 and 2012 to a US corporate from a large US carrier
NCCIA clarifies 831(b) memo
20 September 2017 | Charlotte | Reporter: Becky Butcher
The North Carolina Captive Insurance Association has issued a statement to clarify a memo discussing the 831(b) tax election and the impact on the state’s captive insurance industry should Congress repeal the election
XL Group selects Dublin as post-Brexit location
20 September 2017 | London | Reporter: Becky Butcher
XL Group has revealed its plans to move its principal EU insurance company, XL Insurance Company, from the UK to Ireland in 2018, in response to Brexit
R&Q completes novation from Cayman captive
20 September 2017 | Cayman Islands | Reporter: Becky Butcher
Randall & Quilter (R&Q) Holdings has completed the novation of reinsurance policies issued between 2006 and 2011 from a Cayman domiciled group captive
Cayman captives gain strength from teamwork, says IMAC panels
18 September 2017 | Grand Cayman | Reporter: Jenna Lomax
The Cayman Islands’ strength in captive insurance comes from “its team approach to captives”, according to a panel of experts
Recent disasters put spotlight on the role of captive insurance
15 September 2017 | Vermont | Reporter: Jenna Lomax
The recent spate of natural disasters has focused a spotlight on catastrophic losses and how captive insurance can play an "important role" in helping organisations “defray” some of the related financial losses
BA pension scheme uses captive
15 September 2017 | London | Reporter: Becky Butcher
The British Airways (BA) Airways Pensions Scheme (APS) has used a captive to insure £1.6 billion of pension liabilities against longevity risk