A joint venture between Jatco Insurance Brokers Limited and USA Risk Group (Europe) Limited has seen the setting up of USA Risk Group (Malta) Limited.

The USA Risk Group has now expanded its captive insurance management operations to include Malta, which has developed into one of Europe's leading captive insurance domiciles.

The group, the fourth largest captive manager in the world, has set up in Malta as it was felt that having a presence in the EU was a necessity due to new regulations coming into practice.

"USA Risk Group feels that it can be a success in building its European captive insurance base in Malta and is looking forward to having a presence in the European Union," a company statement said.

"The size of the group which is now present in 16 domiciles worldwide ensures experienced and capable people offering clients innovative, flexible solutions that deliver the full benefits of today's alternative risk mechanisms. The group develops innovative alternative risk solutions that enable clients to maintain affordable and flexible insurance coverage, improve cash flow, and control expenses," it said.

John Tortell a spokesman for USA Risk Group (Malta) Limited said: "This is a new and exciting venture for the local financial services market as now a new US perspective has been added to it. The group looks forward to this new European venture with the knowledge that the local market will benefit from our presence."

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