Starr Companies, a US international insurance entity, will be implementing its commercial activities for the EU from Malta, the government said.

It said this investment was sealed during a visit by the Prime Minister to the company’s offices in New York.

Dr Muscat met the company officials for the first time last November, when negotiations were initiated. The investment was confirmed today.

The Prime Minister said both sides had immediately understood the benefits of this agreement. Through its operations in Malta, the company would be able to penetrate European markets especially following Brexit.

For Malta, the agreement means that the country will be on the international insurance map as a prime player. It also meant that Malta was attractive to strong US investment and this was attracting other US companies that were seeing Malta as a small but flexible jurisdiction.

Starr Companies' investment, the Prime Minister said, was a solid vote of confidence in Malta and the Maltese economy.

Company vice-President Bertil Lundqvist expressed satisfaction at the process, including with the Maltese financial services regulators.

Starr Companies used to use a company in London to operate in the EU but started seeking alternatives last summer.

He said that after meeting the Maltese Prime Minister, the company realised that Malta offered the best environment for the company.