HSBC Malta announced yesterday that HSBC Group had established a new insurance company in Malta called HSBC Insurance Management (Malta) Ltd (HIMM).

The Maltese company has started processing business on behalf of HSBC’s Life Insurance Company based in Dublin, Ireland.

HIMM started operations on 2 May initially with five dedicated staff.

On 29 May, HIMM will also commence servicing all of the Dublin Company’s existing customers who consist primarily of UK non-resident personal and corporate customers with total investments of circa £400m funds under management.

HIMM has also been positioned within the HSBC Group for their clients who wish to set up an EU-based captive insurance company and to base their captive in Malta.

HSBC’s CEO, Shaun Wallis commenting on the launch, said: “These are more exciting developments for HSBC in Malta and, following on from last week’s Call Centre announcement, continues to demonstrate HSBC’s long-term commitment to Malta and the attraction Malta has as a financial services centre both for HSBC Group and its clients. Insurance management is an area of potential growth in Malta and I am delighted to see our insurance operations playing a further role in the development of the financial services sector.”