Atlas gets green light for UK branch
Atlas Insurance PCC, an insurer in Malta and protected cell company (PCC) in the EU, has announced that it has successfully obtained authorisation for its UK branch license and extended its non-life insurance and reinsurance license to encompass life reinsurance.
Having been active in the UK market since 2010, the UK branch authorisation ensures continuity for existing cells to continue writing UK risks post-Brexit and reaffirms Atlas Insurance PCC’s commitment to its UK partners, the company said.
The PCC’s UK branch uniquely enables companies and insurance intermediaries with UK risks or customers to set up their own protected cells offering insurance directly to their customers or insuring their own UK risks, reducing the barriers to entry to retaining insurance risk and accessing the lower-cost reinsurance market.
Cells hosted by Atlas Insurance PCC can write non-life insurance risks directly across both the European Economic Area and UK markets and reinsure both life and non-life risks, marking a significant expansion in the range of services offered.
“With the license extension to include life reinsurance, Atlas is responding directly to customer demand, showcasing its dedication to meeting client needs and expanding its range of services,” the company said in a statement. “Atlas has licenced its first cell reinsuring consumer products with non-life and life benefits. The licence opens up other opportunities, such as in employee benefits programmes that reinsure group life business for the cell owners’ groups.”
“Our UK branch marks our first physical branch outside Malta, an exciting milestone as we begin celebrating our centenary,” said Matthew von Brockdorff, chief executive of Atlas. “These advancements are a testament to our commitment to innovation and responding to emerging needs of our international customers and partners.”
Ian-Edward Stafrace, chief strategy officer at Atlas and head of its international business, added: “Our extended reach into the UK market and the inclusion of life reinsurance in our portfolio positions us to serve our clients even better. As an independent PCC host, we are also extending the win-win opportunities for global insurance and captive management companies, brokers and consultancies, and their customers, whether for retail insurance or captive risk financing.”
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