Global insurance broker Willis Group Holdings has established Lime Street Insurance, a new captive insurance facility, in Malta, to underwrite risk for entities across the European Economic Area (EEA).
The new Willis-owned facility allows clients to realize the benefits of captive ownership with lower capital commitment and reduced operating costs, according to Willis.
A Protected Cell Company (PCC), Lime Street, will be managed by Willis Management (Malta) headed by executive director Anne Finn.
Lime Street provides a captive facility to entities that lack sufficient premium volume, or may not otherwise wish to establish their own insurance subsidiary, to realize the benefits associated with a captive.
Willis International Captive Practice chairman Malcolm Cutts-Watson said that Lime Street Insurance brings captive technology to a number of entities that may have thought this option was unavailable to them.
“We chose Malta as our jurisdiction since it offered all the benefits of EU membership, together with responsive regulation, strong infrastructure and a flexible fiscal regime,” Cutts-Watson said.
Willis Global Captive Practice leader Tom Coughlin said that the protected cells are the fastest-growing sector of the captive market and Lime Street, as an EU PCC, complements other offerings. It enables any entity with EU risks to manage them in a cost-efficient manner, secure in the knowledge that they are dealing with a Willis vehicle.