Following the final go-ahead and authorisation by the Malta Financial Services Authority, KDM Insurance Brokers Limited, an insurance broking company registered in Malta, has successfully converted into an insurance broker Protected Cell Company.
KDM Insurance Brokers PCC Limited, as the company is now called, is the first insurance broker in the world to have seized this opportunity following a change in PCC legislation and taken on the challenge such a venture offers.
Alberto Bisazza, Director of KDMIB PCC, explained that the main purpose of this decision is to achieve a gradual and steady expansion overseas by extending the company’s facilities to international brokers and clients.
The insurance broker PCC model provides the facility to offer cells to potential cell owners who would be able to benefit from the broker licence without having to incur the expenses and comply with the ongoing regulatory obligations required for a fully fledged licence.
The cell would be able to leverage on the resources of the PCC in order to benefit from reduced management, operational and administrative costs.
Mr Bisazza further explained that the company had its first proposed cell lined up and was discussing the opportunity of opening further cells with a numerous amount of interested prospective cell owners.
The PCC will form part of the innovative KDM Group of companies headed by Kenneth DeMartino, CEO who stated that “our ambitions for growth and new business opportunities was one of our main plans as from day one. The change in legislation led us to take this leap and we are very proud to be the only insurance broker in Malta, Europe and in the world to be in a position to offer such facilities.”
The substantial number of new foreign owned insurance companies, including captives that have established themselves in Malta over the past few years augurs well for this venture. The added facility, provided by KDMIB PCC, is expected to enhance Malta’s ability to promote itself as a cell destination within the European Union for companies that do not wish to set up their own insurance broking company and be physically present in Malta.