Markerstudy considers Brexit fall-out

Markerstudy is considering relocation options for its Malta-registered motor insurer, St Julians Insurance Company Ltd, in anticipation of a hard post-Brexit scenario.

Gary Humphreys, group underwriting director at Markerstudy said, ‘Doing nothing and waiting to see what happens is not an option.’

An application to re-domicile St Julians has been submitted to the Malta FSA in order to protect the business and enable the insurer to continue trading with the UK. The favoured proposal is to move the operation to Gibraltar, where Markerstudy has two active insurance companies writing UK business on an EU Freedom of Services Basis and where it is committed to remain post-Brexit.

If the application is approved, St Julians will join Markerstudy Insurance Company Ltd and Zenith Insurance Plc, strengthening the insurance holdings group in Gibraltar.