Nigel Feetham
5 September 2023news

Gibraltar captive feasibility study promised

A feasibility study on the creation of a captive company owned by the Government of Gibraltar has been proposed by a Gibraltarian lawyer and local politician.

Nigel Feetham, a King’s Counsel (KC) admitted to the Gibraltar Bar and head of financial services at international law firm Hassans, said in a statement posted on LinkedIn and on X, formerly known as Twitter, that if his party is re-elected into Government and he is appointed Minister for Financial Services by Gibraltar’s Chief Minister Fabian Picardo, Feetham will undertake a review of the feasibility of setting up a Government-owned captive insurance company to be called Gibraltar Insurance Company (GIC).

Feetham said that the dual objective would be to obtain the most competitively priced insurance for the Government and addressing any public interest insurance needs linked to the Government not available locally, such as travel insurance for Gibraltar’s elderly citizens.

He said in the statement: “Importantly, this initiative would not be in competition with the local insurance market, that’s why GIC is called a ‘captive’. At this point, it's more about assessing feasibility rather than making a commitment. If it progresses beyond this, [it] will procure local services and talent, of which there is plenty in Gibraltar.”

He added: “I will also use this to showcase the post-Brexit piece of captive legislation I conceived and have advised the Government to implement which I know we will turn into another success story for Gibraltar. And importantly, GIC could serve as a valuable tool for preparing young individuals for future roles in risk management, underwriting and claims; this is just one component part of a broader training programme I would like to encourage in collaboration with local stakeholders.”

The next election on Gibraltar must take place before 28 February 2024, as laid down by the time limits established in Gibraltar’s constitution.