Atlas Insurance PCC’s cell business expertise was acclaimed internationally when it won Best Cell Captive Initiative for the 2016 edition of the European Captive Services Awards. Organised by Captive Review, the European Captive Services Awards reward firms and service providers in the insurance industry which demonstrated the highest levels of excellence over the past 12 months. The winners were announced during the award giving ceremony that was held in Luxembourg, back to back with the biennial European Captive Forum which brings together over 1000 industry stakeholders.

The judges commented “The Maltese cell company specialists clearly showed a commitment to the protected cell company (PCC) structure and its innovative use for a range of clients. The judges were impressed by the Atlas understanding and flexibility of PCCs, which is becoming particularly apt and more in-demand in a Solvency II world.”

Atlas’s CEO Michael Gatt praised his team and added “This is yet another recognition of the expertise our team has built over the past decade in this specialized sector, having assessed and implemented a variety of direct third-party, reinsurance and captive cells. This is also recognised by leading global insurance management companies that use our independent facility for their clients with management outsourced back to them.”

Atlas traces its almost 100 year history to family businesses representing well known British and French insurance companies. These family businesses merged to form one of the major local insurers in Malta. EU Accession in 2004 and local PCC legislation provided Atlas with the opportunity of extending its operation outside Malta through third party owned cells. Atlas in 2006 became the first direct insurer to convert to a PCC in the European Union and the first licensed PCC in Malta.

As full EU member state, Malta presents opportunities for cells to write risks directly across the EEA. Atlas hosted the first EU cell to directly cover its parent’s motor fleet. Many cells in Atlas additionally sell insurance to their owners’ customers often as connected sales to their main offerings.

Atlas always saw Solvency II as an opportunity it was keen to embrace. Atlas provides cell owners benefits on all Solvency II pillars, allowing substantial cost burden sharing and reducing capital requirements. In past years in preparation for the regime that went live in 2016, Atlas kept adapting its risk governance and reporting procedures in a way that allows cells to focus on their specific risks and business plan whilst Atlas provides broader support to ensure risk and regulatory requirements are met.

Small mono-line insurers and captives have found cells to be a more efficient alternative to having standalone companies. Where otherwise Solvency II could be a barrier to entry for startups including InsureTechs, Atlas is enabling such new entrants into the insurance market catalysing innovation.

https://www.eiseverywhere.com/ehome/190980/477096/

http://captivereview.com/news/europe-celebrates-first-captive-services-awards/