One of the world’s largest international captive insurance and risk consulting firms Strategic Risk Solutions Inc (SRS) is planning to increase its investment and presence in Malta as it establishes its European captive management hub on the island.
The company says a key driver for its decision to establish itself in Malta in the coming years, is because of the country’s dedicated captive industry legislation and ability to passport throughout the European Union. Coupled with this is the proactiveness and innovative nature of the regulator and the risk finance structures available to captive owners besides also the country’s intensifying focus and leading position on innovative legislation, particularly in the field of fintech and blockchain technologies. SRS is optimistic its European operations will quickly flourish as the firms sets about establishing itself as a premier firm in Europe.
In 2017 SRS formed a holding company in Ireland led by SRS Europe CEO & President Mr. Stuart King. In November 2018 SRS completed the acquisition of Ark Insurance Management PCC Limited a captive management firm owned by one of Malta’s leading financial conglomerates on the Island Atlas Insurance group. Whilst the two entities operate autonomously Atlas retained a minority shareholding primarily to widen its international network.
Mr. King assumed the position of Chairman of the newly named SRS entity. Mr. Michael Gatt former Chairman remains as a non-executive director representing the interests of Atlas and Mr. Malcolm Cachia, whose experience in financial services spans over 30 years, joined SRS as part of the acquisition as CEO of SRS Europe Captive Management.
In his role Mr. Cachia is charged with implementing and supporting SRS’s investment and expansion plans, business development efforts, assessing potential candidates to fill a range of senior client facing roles in Europe and building a strong team locally in Malta to deliver a high quality and consistent client service experience across Europe, under Solvency II reporting conditions.
Since accession to the European Union Malta has punched above its weight in competing with global captive insurance domiciles and continues to strengthen its reputation as an attractive jurisdiction for operations wishing to set up or redomicile their captive and other insurance and reinsurance business. Malta continues to see an increase in 2019 in the number of Protected Cell structures establishing themselves here with two new Protected Cell Companies (PCCs) and 20 cells having been set up since the start of 2018 - a trend which is likely to continue as post-Brexit Malta will be the only EU jurisdiction with PCC legislation.
SRS is one of the largest captive management firms in the world and the leading independently owned manager. The company has representation in all US captive domiciles, Barbados, Bermuda, Cayman and Europe. It provides financial reporting, regulatory compliance, governance, program management and consulting services to a wide variety of single parent, group and other insurance companies.