About Christian ISOLAS Partner, Christian Caetano is a Partner at ISOLAS LLP specialising in Insurance & Financial Services, serving both local and international firms. His clients include insurance companies, insurtechs, MGAs, insurance managers, and intermediaries. He provides expertise in licensing, regulatory, and corporate matters. Christian actively advises on mergers and acquisitions, including due diligence and change of control approvals from the Gibraltar Financial Services Commission (GFSC). Christian’s extensive experience extends to Mergers & Acquisitions, supporting clients with change of control applications, corporate restructuring, redomiciliation, and insurance portfolio transfers. Beyond client representation, Christian actively contributes to shaping the legal landscape. He has drafted legislation related to the EU Directives and Gibraltar’s withdrawal and played a key role in the single largest review of its financial services legislation. prohibitions under Gibraltar law but the primary restrictions/penalties for operating without permission under the FSA would relate to contravention of the General Prohibition. Over the next five years what type of business do you see taking a market lead? The volume of business undertaken by Gibraltar insurers continues to grow with latest estimates being that Gibraltar insurers wrote approximately £7 billion of gross premium income in 2022. It has also been widely reported that around 30% of all UK-based motor insurance premiums are now underwritten by Gibraltar insurers. Substantial growth is also being seen in other areas, such as travel insurance and pet insurance. This amount of business has only been possible due to Gibraltar/UK single market ‘passporting’ arrangements, previously established under the ‘Gibraltar Order’. Presently, a regulatory alignment process is underway in order to fully implement the long-term market access framework between the jurisdictions, known as the Gibraltar Authorisation Regime (the “GAR”). The unique market access granted by the GAR will ensure that interest in Gibraltar remains for those applicants seeking to service UK customers whilst also benefitting from the speed-tomarket and other advantages which Gibraltar offers. The Gibraltar Government has however also indicated its ambition to further diversify and promote Gibraltar as a hub for other classes of insurance business, such as in the life and pensions business sectors. It is, therefore, expected that the Gibraltar insurance industry will focus on greater diversification in the coming years. Gibraltar is also home to a number of technology-driven companies, including the first insurtechs to establish their own carriers to underwrite UK business. Gibraltar is uniquely positioned to attract insurtechs due to the synergies between its vibrant insurance and fintech communities. The Gibraltar Government is also finalising legislation for a new Dual Captive Regime aimed to be implemented during 2024. The proposed dual captive regime is being designed to sit outside of the more onerous requirements of the Solvency II regime and should, therefore, prove a more attractive proposition for prospective captive owners. The new regime will, in particular, focus on international businesses and markets other than the UK (although there may also be potential to integrate the regime with the UK under certain circumstances). The Dual Captive Regime will provide for a lower overall cost base, with reduced reporting and other regulatory obligations, as well as lower minimum solvency capital requirements than those required by Solvency II jurisdictions. WWW.LAWYER-MONTHLY.COM 71 Christian Caetano ISOLAS LLP Portland House, Glacis Road PO Box 204, Gibraltar, GX11 1AA Tel: +350 2000 1892 Email: info@isolas.gi www.gibraltarlawyers.com Since Brexit, the IC Regulations have been subject to some amendments which reflect Gibraltar’s move towards alignment of its laws and regulatory outcomes with those of the UK.
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