The Solvency II directive led to a material increase in the capital that insurers were required to hold but also widened the forms of admissible capital beyond share capital.

In what we believe is the first of its kind in Gibraltar, Hassans’ Insurance Partner Nigel Feetham QC recently acted on the capitalisation of a Gibraltar insurer and its Gibraltar domiciled insurance holding company which involved the allotment of shares callable on demand supported by a letter of credit issued by a leading financial institution. The structure was designed by ACTi led by Darren Viñales.

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