Issue link: https://maltatoday.uberflip.com/i/1514625
18.01.2024 3 NEWS 18.01.2024 Importers and retailers lament ministry's 'heavy-handed' approach ATLAS Insurance PCC, a leading insur- er in Malta and Protected Cell Compa- ny (PCC) in the EU, proudly announces two significant milestones. e compa- ny has successfully obtained authori- sation for its UK branch and extended its non-life insurance and reinsurance licenses to encompass life reinsurance. Having been active in the UK market since 2010, the UK branch authorisa- tion ensures continuity for existing cells to continue writing UK risks post-Brex- it and reaffirms Atlas Insurance PCC's commitment to its UK partners. e PCC's UK branch uniquely ena- bles companies and insurance interme- diaries with UK risks or customers to set up their own protected cells offering insurance directly to their customers or insuring their own UK risks, reducing the barriers to entry to retaining insur- ance risk and accessing the lower-cost reinsurance market. Cells hosted by Atlas Insurance PCC can write non-life insurance risks di- rectly across both the European Eco- nomic Area (EEA) and UK markets and reinsure both life and non-life risks, marking a significant expansion in the range of services offered. With the license extension to include life reinsurance, Atlas is responding di- rectly to customer demand, showcasing its dedication to meeting client needs and expanding its range of services. At- las has licenced its first cell reinsuring consumer products with non-life and life benefits. e licence opens up other opportunities, such as in employee ben- efits programmes that reinsure group life business for the cell owners' groups. Atlas Insurance PCC has always been at the forefront of innovation in EU- based insurance protected cells. It holds the distinction of being the world's first traditional insurer to convert to a pro- tected cell company. "Our UK branch marks our first phys- ical branch outside Malta, an exciting milestone as we begin celebrating our centenary," said Matthew von Brock- dorff, CEO of Atlas. "ese advance- ments are a testament to our commit- ment to innovation and responding to emerging needs of our international customers and partners." Michael Whitfield, Head of UK Branch for Atlas, shared "e authorisation of our UK branch reinforces our unique position as both a traditional insurer in Malta and a host for cells writing con- sumer and captive insurance in the EU and UK. is expansion demonstrates our team's dedication and expertise in navigating complex regulatory environ- ments." Ian-Edward Stafrace, Chief Strategy Officer at Atlas and head of its interna- tional business, added, "Our extended reach into the UK market and the inclu- sion of life reinsurance in our portfolio positions us to serve our clients even better. As an independent PCC host, we are also extending the win-win oppor- tunities for global insurance and captive management companies and consultan- cies and their customers, whether for retail insurance or captive risk financ- ing." Atlas Insurance PCC's commitment to innovation and excellence has solidified its reputation as a leader in the insur- ance industry. With its recent expan- sions and the continued drive to serve its clients better, the company is poised for even greater success in the future. Atlas Insurance PCC obtains UK Branch and Life Reinsurance licenses Matthew von Brockdorff, CEO of Atlas Insurance PCC (Left), Michael Whitfield, Head of UK Branch and Ian-Edward Stafrace, Chief Strategy Officer (Right) FROM PAGE 1 Economy minister Silvio Schem- bri will be officially announcing the agreement this morning, but sources in the industry, who spoke to Business Today on condition of anonymity, outlined the basic premise of the agreement. Up to 20 food staples are to be included at first, although other items are expected to be added lat- er in the year. Sources said the government pushed importers and wholesal- ers, as well as supermarkets and grocery chains, to lower the rec- ommended retail price (RRP) of the identified items by 15%. Everyday cupboard staples such as cornflakes, instant coffee, tea, canned tuna, penne and spaghet- ti, fresh and frozen meat products, frozen vegetables and frozen chips are included. All brands of each type of food items are covered. One importer told Business To- day that, under the agreement, importers will absorb 10% of the reduction with retailers absorbing the remaining 5%. But consumers will not necessar- ily see a 15% reduction in price on all the food items, one retailer ex- plained. "Many supermarkets and retail- ers already sell these items below the RRP," they said. "So if the cur- rent RRP on a particular brand of tea bags is - just to give an exam- ple - currently €1, and we, at our outlets, currently sell it at €0.90c, we will only be reducing it by 5c to reach the 85% cap established un- der this agreement." In today's announcement, Schembri is expected to launch a media campaign to inform con- sumers of the agreement and the affected food items. The campaign is also expected to name the numerous importers and retail outlets which have signed up, although this has raised con- cern that any supermarkets, im- porters and wholesalers which did not sign up might be targeted in a name-and-shame exercise. Schembri is also expected to con- firm that the agreement will be in place until the next Budget when it will be reviewed or scrapped. Any new updates or conditions would come into effect on 1 Janu- ary 2025, so the current agreement will effectively run until the end of 2024. A number of operators in the in- dustry have complained about the heavy-handed approach adopted by the government when trying to convince them to participate. They said that smaller outlets are bound to lose out under this agreement, with some suggesting that only operators with a turnover over €4 million had been approached. It is as yet unclear whether other essential non-food products will be added later in the year. Economy minister Silvio Schembri headed the government's effort in seeking to secure an agreement with importers, wholesalers and retailers