The approachability of the Malta Financial Services Authority (MFSA) is proving a big pull for prospective captive owners, according to Willis’ captive chief Paul Owens.

Malta is beginning to prove an attractive domicile for corporations wanting to write business direct into Europe, while it also has established PCC legislation.

Captive Review revealed in June Virgin Media was the latest big name to license a captive in the Mediterranean jurisdiction, while Nissan is already on the island.

“The regulatory framework in Malta is a big factor,” Owens, chief executive officer at Willis Global Captive Management, told Captive Review at the European Captive Forum in Luxembourg.

“When we do the feasibility study and domicile review for a client, if Malta is on the shortlist then they like to go there and the positive reception you get from the regulators is very appealing.”

Malta is due to go live with its Securitisation Cell Company legislation in the new year, which should add further options in the cell and insurance-linked securities space.

Soft factors including time zone, travel and the weather also play a part according to Owens, but he says there is substance behind the fact it is now Willis’ fastest growing captive office outside of Vermont.

He added:“We are looking to hire more people and take more office space. We have some really good people there already and the great thing about Malta is there are lots of good people who are suitable too.”