The Malta-domiciled protected cell company, Atlas Insurance PCC, has received authorisation for its branch licence in the United Kingdom.
Atlas has also extended its non-life insurance and reinsurance licence to include life reinsurance.
Having been active in the UK market since 2010, the UK branch authorisation ensures that the company’s existing cells to continue writing UK risks post-Brexit.
The PCC’s UK branch allows companies and insurance intermediaries with UK risks or customers to set up their own protected cells to offer insurance directly to their customers or insure their own UK risks.
“Our UK branch marks our first physical branch outside Malta, an exciting milestone as we begin celebrating our centenary,” said Matthew von Brockdorff, CEO of Atlas.
“These advancements are a testament to our commitment to innovation and responding to emerging needs of our international customers and partners.”
Cells hosted by Atlas Insurance PCC can write non-life insurance risks directly across both the European Economic Area (EEA) and UK markets and reinsure both life and non-life risk.
Atlas has also licensed its first cell reinsuring consumer products with non-life and life benefits.
The company said the licence opens up other opportunities, such as in employee benefits programmes.
“Our extended reach into the UK market and the inclusion of life reinsurance in our portfolio positions us to serve our clients even better,” said Edward Stafrace, chief strategy officer at Atlas and head of its international business.
“As an independent PCC host, we are also extending the win-win opportunities for global insurance and captive management companies, brokers and consultancies, and their customers, whether for retail insurance or captive risk financing.”