Assets under management in captives domiciled in Malta passed €1bn in 2022, according to statistics provided by the Malta Financial Services Authority (MFSA).
One new captive was licensed in Malta last year, while one was surrendered with 10 insurers classed as captives active in the jurisdiction at year-end 2022.
Of those 10 captives, seven are single parent captives and three are protected cell companies (PCCs).
According to the MFSA, captive AuM jumped from €687m in 2021 to more than €1bn in 2022.
Annual premium written by Malta captives increased from €234m to €240m between 2021 and 2022.
The count of 10 captives, however, significantly underplays the domicile’s presence in the European market since there are around 15 other licensed insurers that are wholly owned by corporate groups that would be counted as captives in most other jurisdictions.
These insurers, such as Vodafone Insurance Limited several owned by automobile multinational, write a high proportion of third-party business and so the MFSA does not include them in its captive count.
For more captive data on new licence activity around the world and year-end figures, visit the Captive Intelligence data page here.