Could you give a brief overview of Marsh, its core business segments, services and key markets?
Marsh is part of Marsh & McLennan Companies; the worlds’ leader in risk and insurance services. In Malta we specialise in incorporating, managing and advising International insurers and captives who choose to use Malta as a domicile. We have recently celebrated our 10th anniversary in Malta and have a dedicated team of 14 people based in Sliema to provide management services.
What sections of your business do you see delivering the greatest innovation and growth potential?
We see Malta as being a rapidly growing location for international EU insurers and captives. The increased use of electronic distribution channels is making it possible for insurers and captives to provide their products to customers across the EU even easier than in the past. While the captive sector is growing steadily, much of the recent growth has been in third party insurers.
Looking to the future, what is your investment/growth strategy?
Our strategy is to have a well-resourced and knowledgeable team in Malta to provide efficient and effective service. We aim to be an extension of our clients’ teams and to represent our clients with speed and accuracy. We anticipate that the number of captives, insurers and cells in Malta will continue to increase, probably at an increased rate since Solvency II uncertainty is now reduced.
In terms of evolution, what major developments have influenced the Insurance/Captive Management sector over the last 5-10 years?
Solvency II has been a major change in the regulatory environment and it has had significant impact on our business. We have handled Solvency II implementation on over 20 companies in Malta so now know the intricacies and have invested in software to ease the pain associated with the capital calculations and reporting requirements. Our team sits on the Marsh Solvency II Steering group and is one of the lead contributors in this regard.
What are the key attractions for insurance companies to make Malta their home?
Malta has developed an excellent reputation for handling international insurance companies in a flexible, responsive yet firm and fair manner. The MFSA are extremely approachable, which is ideal when there are ambitious business plans and timescales.
Heading a team of finance and insurance professionals who manage the day to day operations of each company, William Thomas-Ferrand joined Marsh’s Captive Solutions in 2004 as an account manager in Bermuda. After joining the Bermuda management team in September 2007, Will moved to Marsh Malta in September 2010. Now head of office, William is responsible for co-ordinating the accounting and insurance services for a number of insurance companies and captives, ensuring a high standard of service is delivered at all times. Will obtained a Master of Arts degree from St Peter’s College, Oxford in Earth Sciences (Geology). He is a member of the Institute of Chartered Accountants of England and Wales, and is an Associate in Risk Management with the American Institute for Chartered Property Casualty Underwriters. William has experience in a wide range of captive and insurance structures through working with a large number of clients.