Hassans is advising in respect of the possible plans for a redomiciliation of a UK-focused motor insurer owned by Markerstudy (St Julian) to Gibraltar from Malta, as a result of Britain’s vote to leave the European Union.

As reported on Friday 7th July by Reuters, and subsequently by the New York Times and insurance-focused publications: 

“A number of insurers that write insurance in Britain operate from Gibraltar and from Malta. If Britain loses access to the single market after Brexit, Malta-based insurers will no longer be able to sell insurance into Britain. Gibraltar, in contrast, is a British overseas territory, so those ties will continue.”

Markerstudy commented in a statement:

“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…the favoured proposal is to move the operation to Gibraltar.”

Markerstudy already has two insurance firms in Gibraltar focusing on UK business, Markerstudy Insurance and Zenith Insurance.

Nigel Feetham, partner at Hassans, added:

“Gibraltar and Malta were comparable jurisdictions for insurers. The system of law is not entirely dissimilar and the authorisation process and prudential regime in insurance are also very similar. Gibraltan insurers with large exposure to the European Union are also considering moving operations with Luxembourg and Malta the favoured locations.”