Last week we told you how British territory Gibraltar is luring European financial firms who want to access the UK once passporting rights are gone – now we have found out that among those considering the move is
Markerstudy-owned and Malta-based St Julians.
“An application to re-domicile St Julians has been submitted to the Malta Financial Services Authority in order to protect the business and enable the insurer to continue trading with the UK,” said Markerstudy in a statement, as reported by
Reuters.
As insurance providers based in the EU will not be able to keep selling into Britain if the UK loses access to the single market once it leaves the bloc, Gibraltar is proving to be attractive for insurers because it is a British territory.
According to a report by
Institutional Investor, Gibraltar has so far received more than 20 license applications from insurance companies, fund managers, and financial technology firms – with a number of the applications coming from insurers who want to be licensed to write regulated business under Gibraltarian law.
Gibraltar’s commerce minister Albert Isola said the British government has assured that the territory will not lose its equivalent regulatory status to the UK. Thus, for Markerstudy, the “favoured proposal” is to move St Julians’ operations to Gibraltar.
Related stories:
Gibraltar ups efforts to attract insurance firms
Compre announces Malta move
