insurance “The ability to conduct business from Gibraltar into all these territories via freedom of services clearly indicates that the decision to establish Red Sands in Gibraltar was the correct one” said Chris Lathey, Managing Director of the three companies that make up the Group. In April this year the company acquired a stake in Haven Insurance Company Limited, an existing Gibraltar insurer, which writes specialist motor business in the UK. This company will write some £15m of business in 2009 with projected growth to around £25m now that the fundamentals of the business are falling into line with Group strategy. In January 2009, Red Sands Life Assurance Company (Europe) Limited, a Gibraltar based life assurance company with £4.5m of new capital was established. A television campaign will shortly get underway in Poland to promote this company’s products and in time it is expected this business will grow to a similar size as that of the general insurance operation. Overall the three businesses are expected to write close to £50m of premium this year, following which it is anticipated the momentum will be established to double this premium income by 2012. The three Gibraltar companies making up the Group are part of the same ultimate grouping as the Hollard Insurance Group (the largest independent insurer in South Africa, and second largest overall), which directly employs 1,500 people, has assets exceeding £1bn, and has 6.5m policyholders worldwide. Also part of Hollard is the Lombard Insurance Group,
the largest Surety and Credit underwriter in South Africa. “The unique position of Gibraltar within the EU has very much made this the domicile of choice for us. We have access to the whole European market and have a responsive and well regulated environment in which to operate. We operate as an open market insurer in a very competitive marketplace, where credibility and reputation are essential to our success and to date, Gibraltar has provided that framework.” said Chris Lathey. To see the Group through the next phase of growth, all three companies have moved to larger premises at Ocean Village which will facilitate current expansion plans. The new premises were opened by the Chief Minister last month. n
Overall the three Watching the Weather businesses are expected The Caves Science Unit of the Caves and Cliffs Section of the Gibraltar Ornithological & Natural to write close to £50m History Society, now has its own weather station on the Upper Rock. This station has been purchased by of premium this year, Royal Holloway, University of London, as part of its collaborative project with GONHS, to monitor the weather on the southern side of The Rock. following which it is the Caves and Cliffs Sections’ base, at Governor’s anticipated the momentum AsCottage, is at the same height as the entrance to Lower St Michaels Cave, this was an ideal place for such a will be established to station. Data is currently being downloaded manually using double this premium battery power, but the section is exploring the feasibility of automating the process, with a view income by 2012 to publishing its data online.
AI International Couriers Ltd 11 Engineers Lane PO Box 532 Gibraltar Tel: (+350) 200 73775 Airport office: (+350) 200 41076 Fax: (+350) 200 74389 email: gibsn@dhl.com GIBRALTAR MAGAZINE • JUNE 2009
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