Elizabeth Carbonaro, non-executive director, ReAPS
11 August 2021

ReAPS hires Willis leader as non-exec director

ReAPS Asset Management has appointed Elizabeth Carbonaro as non-executive director, taking over from Edward Cachia, who announced his retirement at the firm’s recent annual general meeting.

Carbonaro works at Willis Towers Watson where she has been regional managing director for its Global Captive Practice in Western Europe for almost three years, and also managing director for the firm’s Malta office since 2016. She joined Willis Towers Watson in June 2012 to manage a number of captives and insurance companies domiciled in Malta.

Marcel Cassar, chairman of ReAPS and CEO of APS Bank said Carbonaro’s “extensive experience and solid professional credentials” will be of benefit to the APS Bank Group’s ambitions in this area of investment services.

Carbonaro is a chartered certified accountant who gained insurance experience at PwC’s Malta and Luxembourg offices from 1988 to 2000 and Mapfre Middle Sea from 2000 to 2012.

She has a particular expertise in the financial and regulatory aspects of captives, and provides consulting services from incorporation through to their ongoing management. She also sits on various captive and insurance company boards and is the chairperson of the Malta Insurance Management Association.

He also thanked Cachia, who held the role since the company’s formation in 2016, for his “distinguished and dedicated contribution” and wished him the “very best on his retirement.”

ReAPS is a wholly-owned subsidiary of APS Bank active in fund and investment management services.