An increasing number of insurers are writing UK business in Gibraltar, according to the colony's Department of Trade, Industry and Telecommunications (DTIT).
The DTIT has announced that "the Rock" now has 31 registered insurance companies writing UK business, compared with just 13 two years ago.
The department's spokesman Guy Canessa said: "We have experienced quite a strong growth in the companies licensed here.
"We are a smaller place so the regulation here is very user friendly and more efficient."
The DTIT comments have prompted ratings agency Standard & Poor's to indicate that it will watch the colony closely. Director David Laxton said: "With the exodus, we will certainly be looking to try and rate the operations out there."
