Starr Companies to operate EU business from Malta

US international insurance agency Starr Companies will be running its European out of Malta, the government said today.

Talks with the company were initiated last November and were sealed during a visit by Muscat to the company’s offices in New York.

The Prime Minister is currently in New York to attend the United Nations General Assembly.

Muscat said both sides had immediately understood the benefits of this agreement, which will allow Starr companies to penetrate European markets, even more so given the United Kingdom’s departure from he European Union.

The government said the agreement meant Malta was now, more than ever, on the “international insurance map”. It also meant that Malta had become more attractive to US investment which was now looking at Malta as a “small but flexible jurisdiction”.

Muscat said that the investment by Starr companies was a vote of confidence in Malta and its economy.

Bertil Lundqvist, the company’s vice-president expressed his satisfaction at the process, including the Maltese financial services regulators.

Starr Companies previously used a London company for its EU operations but started seeking alternatives last summer. He said that after meeting the Maltese Prime Minister, the company realised that Malta offered the best environment for the company.