The Gibraltarian government has published guidelines that allow for ILS to be traded from the country
Gibraltar has paved the way for it to accept insurance linked securities (ILS) with the publication of a set of ILS Guidelines.
Gibraltar plans to offer a new EU domicile for catastrophe bonds, sidecars and collateralised reinsurance based ILS.
The new guidelines are all fully Solvency II compatible.
Gibraltar minister for financial services Albert Isola MP said: “Gibraltar has a vibrant and growing insurance sector with some £3.6 billion of premium income in 2013. Last year the government set out to develop and attract new insurance activity to Gibraltar with the ILS sector being a serious target market.
“I am most grateful to all those individuals and companies, from Gibraltar and abroad, that have invested significant time and provided invaluable input and know-how to the working group over recent months. I am confident that with their support and contribution Gibraltar’s ILS Guidelines provide both the commercial and regulatory frameworks to enable ILS business to flourish from Gibraltar.”