Gibraltar licenses new PCC

GIBRALTAR—A new protected cell company has been licensed in Gibraltar.

Martello Insurance PCC Ltd. was granted a license by the Gibraltar Financial Services Commission to write all classes of general insurance.

"We anticipate significant demand for Martello cells, both from clients wishing to retain risk in a direct writing vehicle and also as a fronting facility for reinsurance captives or for non-(European Union) direct writing captives, " said Tadhg Crowley, Martello's managing director, in a statement.

Basing the insurer in Gibraltar allows it to write insurance directly into E.U. countries without using fronting arrangements.

The new insurer is managed by Caledonian Insurance Management Services.