The Munich Re Group has set up a new company in Malta – but it has declined to comment on how – or if at all – it intends to exploit the insurance legislation offered by the jurisdiction.

Munich Re, one of the world’s leading reinsurers, has had an office in Malta since 2008, offering 21 classes of reinsurance.

A few weeks ago, it registered a protected cell company which would write insurance business, and this paved the way for it to get an MFSA licence as an insurer.

However, when asked whether it would actively use the licence, and whether it would create any jobs here, Munich Re's Malta CEO Peter Miehle said he could not comment due to the sensitivity of the issue, which was later repeated by the head office communications spokesperson who described it as “a confidential business case”.

A ‘protected cell company’ is a complex structure based on the idea of assets being put into different protected ‘cells’, so creditors of one cell cannot claim from another.

Malta is the only EU member state with a well-established legal regime regulating PCCs.

In 2016, Munich Re reported €48.9 billion in premium income, with its consolidated result amounting to €2.6 billion.

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