Heath Lambert launches Malta captives operation

Heath Lambert, Europe's leading independent insurance and reinsurance broker, has launched a new captives operation in Malta.

Heath Lambert Insurance Management Group (HLIMG) has entered a joint venture with Maltese broker Jatco Insurance Brokers, owned by John Tortell, and Sisiell Ltd, headed by Dr Simon Tortell, and has received a licence from the Malta Financial Services Authority to act as an insurance manager.

Since Malta joined the EU in May last year, HLIMG has been working to establish a captive operation in what looks set to become a leading captive insurance domicile in Europe.

John Tortell, who was appointed general manager of HLIMG's Malta operation, said: "This is an exciting opportunity. By combining Heath Lambert's extensive captive experience with the local knowledge and contacts of Simon and myself, we will be in an excellent position to make the most of Malta's entry into the EU on behalf of our clients.

"The ability to issue policies directly into the EU/EEA provides significant savings on fronting and collateral costs. Malta provides an efficient environment for a captive due to its effective but responsive regulatory regime and the availability of a highly trained, professional workforce.

"These benefits also make Malta attractive as a location for reinsurance captives, which can require significantly less capital than a direct writing captive."