Heritage Insurance Management (Malta) Ltd and Abbey International Finance Limited have launched a protected cell company that will allow clients to benefit from the captive insurance market in Malta.

In an announcement, the companies said their PCC facility enabled clients to realise the benefits of captive or company cell ownership but with lower capital commitment and operating costs.

The company, Abbey International Insurance PCC Limited, is owned by the International Dublin based Group, Abbey International Finance Limited, and is managed by Heritage. The facility also allows business to be underwritten across the EEA and is already being used by one of Europe’s leading travel companies in the form of a Captive Cell.

Heritage managing director Derek Douglas said: “Malta has become increasingly attractive to insurance and captive business following its entry into the EU. This created the significant benefit for companies wishing to expand their business into other EU member countries through the EU Freedom of Services Directive. Insurance legislation is kept in line with EU standards resulting in growing confidence in the Maltese domicile. The Maltese financial sector regulator is easily accessible, even by smaller companies, which might find it harder to achieve access in the larger jurisdictions.”

Established in Malta in September 2006, Heritage currently manages several clients, including cell companies and captives. It is a wholly owned subsidiary of Heritage Insurance Management of Guernsey.

Abbey is a financial services company engaged primarily in asset finance and insurance activities in Europe and North America. As at June 30, it had $180 million in gross assets and $60 million of net assets.

Heritage Insurance Management (Malta) Limited is authorised by the MFSA.