Naturally, Brexit has had far-reaching effects both in the UK
and the EU, be it in relation to free trade, human mobility and
tourism – the financial services industry and insurance
sector are no exceptions. The loss of the right for UK firms to
passport throughout the EU has had a major impact on all those UK
insurers and captives that wrote insurance business throughout the
EU. As a result, UK insurers had to draw-up and implement
contingency plans to ensure that policyholders were not negatively
affected by Brexit, as well as to ensure continuity and regularity
in the performance of the insurer's activities.
Those captives that decided to continue writing business
throughout the EU have had to set-up shop anew within an EU
jurisdiction – otherwise their activities would have to be
limited to the mere run-off of any existing policies. This has
presented an opportunity for a growing EU jurisdiction like Malta
to attract such captives – through its innovative
