HSBC Malta announced that it has established a new insurance company in Malta called HSBC Insurance Management (Malta) Ltd (HIMM).

HIMM started operations this week initially with five dedicated staff. The Maltese company has started processing business on behalf of HSBC’s Life Insurance Company based in Dublin, Ireland.

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

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