PKF Malta and Co. is holding a promotional event to showcase the attractiveness of the island as a captive insurance centre.

Set at the Four Seasons Hotel in the central financial district of Dublin, more than 40 insurance executives from seven countries have been invited to attend a seminar tomorrow.

The event aims to compare and contrast the fiscal and regulatory advantages of setting up in Ireland, Guernsey or Malta. Malta's captive insurance business is now working in full swing, PKF Co. said. There are about 25 insurers being managed by Malta's 12 insurance management companies, with at least three others waiting for the granting of a licence.

The ability to "passport" insurance to all territories within the European Economic Area and the double tax agreement with 49 countries are clear indicators of Malta's growing appeal. This will shortly include a tax treaty which is expected to be signed with US.