WHERE WE ARE BASED
Gibraltar is a British Overseas Territory and a self-governing and self-financing parliamentary democracy within the European Union (EU). It has a vibrant economy which is forecast to grow by some 50% in the four years to 2015 and has maintained a budget surplus throughout the recent economic slowdown that has affected much of the developed world. The principle contributing sectors the Gibraltar economy are financial services, maritime services, e-gaming and tourism with financial services contributing approximately 20% of GDP. Sovereign Insurance Services are to the fore in the Gibraltar insurance industry, helping stimulate international business development in the sector through the Sovereign Group world-wide connections and providing innovative insurance products and professional insurance broking services to our developing local and international client base.
Particular points to note with the Gibraltar insurance industry are:
- Over the past 20 years Gibraltar’s insurance industry has expanded from just 12 licenced insurers in 1993 to the present 55 licensed insurers writing new business.
- In 2011 the total gross premium income written by insurance companies in Gibraltar was £3.2 billion and these companies held assets of over £7.5 billion.
- Gibraltar’s EU membership provides passporting rights in insurance, insurance mediation and reinsurance across all 30 EU and European Economic Area (EEA) countries and access to a market of 500 million people.
- Household names such as Brit Insurance, Intercontinental Hotels, and Tate & Lyle have chosen Gibraltar as a domicile for their EU captives.
- Gibraltar was the first EU jurisdiction to offer protected cell companies legislation in 2001. Gibraltar PCCs are widely used within insurance company structures writing both general insurance and life insurance business.
- The Gibraltar Financial Services Commission (FSC) is responsible for the licensing and regulation of all financial services activity in Gibraltar.
The passporting mechanism and the low tax base enjoyed in the jurisdiction helps make Gibraltar an attractive platform for risk protection and business development activities throughout Europe. Sovereign Insurance Services is firmly established in this community to provide the necessary risk management and professional insurance broking facilities to assist individual and corporate clients take advantage of these valuable positives to best protect their assets