UK-focused motor insurer St Julians, owned by Markerstudy, is considering moving to Gibraltar from Malta as a result of Britain's vote to leave the European Union, Markerstudy said today.

A number of insurers that write insurance in Britain operate from Gibraltar and from Malta.

But if Britain loses access to the single market after Brexit, Malta-based insurers will no longer be able to sell insurance into Britain.

Gibraltar, in contrast, is a British overseas territory, so those ties will continue.

"An application to re-domicile St Julians has been submitted to the Malta Financial Services Authority in order to protect the business and enable the insurer to continue trading with the UK," Markerstudy said in a statement.

"The favoured proposal is to move the operation to Gibraltar."

Markerstudy already has two insurance firms in Gibraltar focusing on UK business, Markerstudy Insurance and Zenith Insurance.

Nigel Feetham, partner at Gibraltan law firm Hassans, said Gibraltar and Malta were comparable jurisdictions for insurers. 

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