Jardine Lloyd Thompson Group has joined Elmo Insurance to launch a new captive management operation in Malta, JLT Insurance Management Malta. Through captive management services, JLT seeks to enable its clients to manage their risk in a more financially efficient way, thereby improving their clients’ economic model.

In 2006, JLT identified companies with a growing interest in establishing captives in an EU domicile. This led to a project that identified Malta as the domicile of choice and Elmo as a preferred partner for this new venture.

There are many reasons for Malta’s attraction as a base for captive management services. The island offers a low tax and low cost environment with a skilled workforce. The regulatory environment on Malta assists greatly in the speed of setting up new captives. As an EU member State, Malta permits licensed insurance companies to write direct business in all EU/EEA countries.

Captive management services are a growing industry that provides challenging careers in an international arena. Captives operating worldwide generate 500million euros of expenditure with service providers in the local economies in which they operate.

There are in excess of 6,000 companies that have captives and they come from all corners of the globe. Captives generate employment for the staff of management companies, auditors, bankers, investment managers, regulators, IT firms, and support services. Their contribution to the economies and infrastructure of the domiciles where they are based is significant.

International expertise

JLT is in a leading position as a constituent of the FTSE 250 and, in addition to being prominent as a manager of insurance captives, is a leading global insurance broker and provider of risk solutions.

JLT’s captive clients have very diverse businesses including activities such as agriculture, aviation, banking, brewing, chemicals, manufacturing, oil exploration, pharmaceuticals, retailing and shipping to name just a few. These companies come to JLT with problems to solve and seek its help to improve the economic wealth they are creating by enabling them to more effectively finance the risks their businesses face.

Local knowledge

Elmo’s role in providing local knowledge and infrastructure is central to JLT’s vision of delivering the highest quality of insurance management services in Malta. Elmo has roots going back to 1938 and is an organisation that has always had an international vision. The company employs qualified and experienced insurance personnel who, in partnership with JLT, will be able to satisfy the requirements of companies wishing to establish their captive in Malta.

In Elmo JLT has found a partner who has the same service ethos and ambition to grow a quality operation here in Malta. There is significant strength and depth in the team that will run the new company and it intends to set the standard against which the competition will be measured.

Elmo’s experienced staff, all Maltese nationals, have a strong presence in the island’s business community and their broad understanding of the regulatory environment will be invaluable in the licensing of new captives.

JLT’s strong client focus is supported by continuous training of dedicated staff and the constant sharing o information with our other insurance management operations.

JLT Insurance Management Malta Limited are located in Alfred Craig Street, Ta’ Xbiex.