Growing Gibraltar insurer, Elite Insurance Company Limited, has chosen to establish a second insurance unit in Luxembourg to combat Brexit concerns.
Jason Smart, CEO, commented: “We said we would not sit back passively and adopt a wait and see approach to Brexit. Elite has reviewed several available options and has decided to establish a second insurance company for its European (non-UK) business, in Luxembourg.
“This will provide the stability and security necessary for Elite to maintain and grow its business, both in the UK (via Gibraltar) and in Europe (via Luxembourg).
“We are now working with leading advisors on the establishment of a new entity in Luxembourg. This will be a fully licenced insurance company, with classes mirroring our existing Gibraltar insurance company, which remains unaffected by this move.”