Atlas Insurance Ltd converts to a protected cell company

Atlas Insurance Ltd has converted into a protected cell company in terms of the relevant regulations issued under the Companies Act, following authorisation by the Malta Financial Services Authority. Atlas, now known as Atlas Insurance PCC Ltd, started operating under the new structur earlier this month.

Managing director Michael Gatt said that the main purpose of this change is to achieve a gradual, steady expansion overseas by extending the company's facilities to international clients by means of cells within Atlas Insurance.

"We plan to achieve our aims by using our existing resources of professionally qualified staff, administrative structure and office facilities. Atlas is a forward-looking insurer with ambitions for growth and is always striving to identify and ready to exploit new business opportunities," he said.

The protected cell company structure has proved to be a success in Guernsey and other captive insurance domiciles. The substantial number of new foreign-owned insurance companies, including captives, that have established themselves in Malta during the past two years, augurs well for this venture. This added facility provided by Atlas is expected to enhance Malta's ability to promote itself as a cell destination within the European Union for smaller and medium sized companies that do not wish to set up their own captive insurance company.

Atlas Insurance PCC Ltd is the first and only authorised protected cell company in Malta.

For more information, contact Jackie Attard Montalto on 2343-5233 or send an email to jackie.montalto@atlas.com.mt.