Jatco building its Cell Business

Jatco building its Cell Business

By Roberta Saglimbene
  • 9 Nov 15
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In September 2013 Malta based Jatco Insurance Brokers PCC Limited announced that it had been granted a licence to operate as an intermediary PCC.

“In line with the company philosophy of always being at the forefront of the changing insurance scenario and of the company’s involvement in the wider international spectrum the directors felt that converting to a PCC was the natural process in this development,” stated the company.

Jatco said that with the new structure the company would be able to offer its international clients the following advantages from Malta:

  • Ability to intermediate policies directly into the European Union (EU) and European Economic Area;
  • Regulation to EU standards;
  • Access to the insurance, legal and accounting expertise available within Malta’s highly trained professional workforce;
  • Tax efficiency plus Malta’s double taxation tax treaties with more than 60 countries.

The next move was the creation of an alliance with Lex Risk Solutions and the subsequent formation of Lex Risk Solutions Cell, a segregated portfolio company operating as a protected cell of Jatco.  Lex Risk Solutions is a risk management and insurance consulting firm based in London, Dublin and now Malta.  On the corporate side, Lex offers forensic auditing of insurance contracts and risk portfolios that are held by corporations and other large commercial enterprises.  Lex Risk Solutions Cell was the first insurance broking protected cell structure to be approved by the MFSA.  Jatco explains: “Lex Risk Solutions Cell utilises the complementary benefits of Jatco’s network, which in turn allows Lex to both broaden its operations and offer its existing clients an increased diversity of cost options within the global insurance marketplace and its most highly rated underwriters.”

Jatco’s second protected cell to be licensed was Oxford International Financial Management Cell.  The cell was licensed in January 2014 by the MFSA as a protected cell of Jatco Insurance Brokers PCC.  This Cell is owned by Oxford International Financial Holdings, which is managed by Matthew D’Emanuele. The cell was created to provide insurance broking and risk management services in both life and general insurance lines of business to companies and expatriate individuals operating in Malta and in the EU. “The principle strategy of the cell is to leverage on the benefits provided by the broker PCC structure in order to provide a more cost-effective service to clients. This is supplemented with the added benefit of passporting throughout the EU member states,” explains Jatco.

This year, the MFSA approved the creation of Northern Light Insurance Cell as the third cell of Jatco Insurance Brokers PCC. Northern Light Insurance Cell was launched to offer clients a choice of life insurance products that will be available in both the Maltese and European markets. The cell focuses primarily on high net worth individuals. The Cell offers its customers life insurance cover in the form of a ‘Portfolio Bond’. The Portfolio Bond is a unitlinked, whole-of-life insurance policy that provides a straightforward and effective way to hold a wide choice of investments in one manageable portfolio structure, explains Jatco.  The assets of the Portfolio Bond are held within a fund that is linked to an international insurance policy owned by the client. “The Portfolio Bond is designed to provide the flexibility and diversity required which enables the client and professional adviser to construct a Portfolio Bond that meets specific financial needs without restricting asset selection,” explains Jatco.

Posted on Commercial Risk Europe – Malta Risk & Insurance Report 2015

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