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Gibraltar Completes First ILS Transaction

by Jason Gorringe, Lowtax.net, London
27 April, 2015

Gibraltar has announced the completion this month of its first insurance-linked securities (ILS) transaction.

Last year, the Government of Gibraltar announced its ambition to establish itself as a new ILS jurisdiction within the European Union, and last month George Osborne, the UK Chancellor of the Exchequer, announced similar intentions for the United Kingdom.

Gibraltar has in the last twelve months sought to support this new area of business, setting up a working group of international specialists and finalizing an appropriate regulatory regime.

Lottoland, a Gibraltar-licensed online lottery provider, successfully placed an ILS worth EUR100m (USD108m). The ILS was placed within the European Union by means of an issuance vehicle, Euroguard Insurance Company PCC Limited, based in Gibraltar. Euroguard was established in 1996 and is part of MMI Holdings Limited, a multinational financial services group listed on the Johannesburg Stock Exchange.

Albert Isola, Minister for Financial Services for the Government of Gibraltar, said: "I am delighted that Gibraltar has completed its first ILS transaction in record time just over a year after setting out our plans for insurance linked securities in Gibraltar. Mike Ashton and the team at Gibraltar Finance have worked extremely hard to make this happen and I am pleased that our efforts in this new area of business are paying off."

"It is particularly gratifying that this transaction involves businesses from both of Gibraltar's vibrant and growing insurance and gaming sectors. These are important sectors in our community providing valuable employment and other opportunities for our economy."

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