Legacy and Run-Off
There are compelling reasons for legacy insurers to establish in Gibraltar. In 2014 the UK Government confirmed that the UK legislation permitted a Part VII Transfer to take place from the UK to Gibraltar subject to regulatory and court approval. This arrangement is set to continue post-Brexit and ensures Gibraltar remains an important jurisdiction for legacy insurers.
Gibraltar currently has one dedicated legacy insurer which was established in 2012. It has completed portfolio transfers from both Irish and French insurance companies.