With Brexit just a few weeks away, hundreds (if not thousands) of UK companies are looking to relocate their business before Britain officially withdraws from the European Union; in fact, recent reports suggest that one in three firms are activating plans to move operations abroad. Although the UK will continue to remain an influential and significant financial centre within Europe, UK companies have decided to evaluate their options and cast a wider net across the continent in the interest of preserving security and stability. And that’s where countries like Malta come in.
Sure, the Weather’s Great and the Beaches are Beautiful, But – Why Malta?
Because of the stability it continues to offer potential investors, Malta is seen as an attractive location in the EU for the establishment of captive and insurance. Even prior to the outcome of the Brexit referendum, the island has seen a rise in companies setting up shop on Maltese shores due to favourable regulations, leading to a wealth of insurance jobs in Malta and considerable opportunities to those wanting to develop a career in this industry. These regulations provide various options for different insurance structures, such as Incorporated Cell Companies (ICC) and Protected Cell Companies (PCC).
What are PCCs and ICCs?
As sister formations, both PCCs and ICCs provide the same basic function – segregating liabilities and cellular assets from the core company to the ones from other cells (a cell consists of a class of shares within the cell company). Together with its cells, a PCC is considered to be a single legal entity, consisting of a core structure and a number of segregated parts or cells. By utilising the core capital of a cell company as its own, a promoter does not have to comply with their own funds requirements when writing insurance business through a cell.
An ICC holds a similar structure to a PCC, apart from the fact that each of its cells has a separate legal personality. Using the ICC format, cell owners are not only able to sell insurance to third parties established in the EEA, but can also reinsure risks situated outside it. Moreover, on a non-admitting risk basis, cells can also insure globally where allowed.
The Hot Spot
Apart from the above legislative frameworks, Malta’s strategic location allows easy access to regional markets, as well as major European cities. Organisations wishing to establish a captive insurance business can also benefit from the MFSA (Malta Financial Security) license, which gives companies passporting rights in other member states. Additionally, when compared to equivalent EU jurisdictions, Malta has a relatively low cost base, which is a definite plus for firms looking to relocate within the EU post-Brexit.
Career Options and Insurance Jobs in Malta: A Wide and Varied Field
From claim manager and underwriter jobs to roles in the insurance accountancy, the pool of options for local and international graduates studying economics, banking and finance should not be overlooked. Salaries for graduates in the insurance industry start at 23 – 24,000, which is on par with other sectors.
In a manner of speaking, if you’re keen to get started in this sector, there’s simply nowhere better! Job seekers are well remunerated and are afforded the opportunity to specialise in certain types of insurance within leading, international companies in their chosen field. Many insurance jobs in Malta also offer the chance to travel across multiple jurisdictions for work, sometimes with the possibility to relocate as well.
Here at Boston Link, we know the insurance industry on the island inside-out, including the challenges that it is currently facing and how to resolve them. By suggesting areas of investment such as relocation, we have already seen progress and are expecting to see even more in the future.
We offer honest, reliable advice and guidance to candidates based on first hand knowledge of the niche markets in which we operate. The team at Boston Link goes the extra mile to help clients realise their full potential and promote their talents and careers, with the aim of unlocking all the doors of opportunity out there! With offices in London and in the Isle of Man and headquarters in Malta, the team at Boston Link headhunts talent from across Europe and connects clients to an international market. We specialise in relocating candidates to some of the most beautiful and unique places in Europe, and occasionally further afield.
To discover more about insurance jobs in Malta, along with any relocation opportunities, contact Boston Link today. Our reputation speaks for itself, with an outstanding track record on advising and delivering on talent acquisition for employers in the industry.
Check out our vacancies on jobs within the insurance industry.