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GIBRALTARA 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.