It can now reinsure consumer products with life and non-life benefits
Malta-based Atlas Insurance PCC has secured authorization for its UK branch and expanded its non-life insurance and reinsurance licenses to include life reinsurance.
Cells under Atlas Insurance PCC can now write non-life insurance risks directly in both the European Economic Area (EEA) and the UK and reinsure life and non-life risks.
The extension of Atlas’s license to cover life reinsurance has led to the licensing of Atlas’s first cell that reinsures consumer products with both non-life and life benefits.
Since its initial foray into the UK market in 2010, the authorization of the UK branch post-Brexit signifies Atlas Insurance PCC’s continued commitment to its UK partners and ensures uninterrupted service for existing cells underwriting UK risks, the business said.
UK companies and insurance intermediaries dealing with UK risks or clients will be able to establish their own protected cells. These cells can 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. These advancements are a testament to our commitment to innovation and responding to emerging needs of our international customers and partners,” Atlas CEO Matthew von Brockdorff said.
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