Acasta has written after the event insurance since 2006 and has, year after year, established itself as a leading provider of ATE insurance. Since my joining in 2018, we have doubled the size of the ATE team here, and further improved Acasta’s market position and reputation. Even in light of the turbulent covid world we work through, this year has seen record months for us in terms of written premium, down to both excellent underwriting but also due to our continued strong relationships with brokers, funders and legal practitioners nationwide.
It is no secret that the Gibraltar regulator has, for some time, been increasingly cautious in relation to ATE and all lines with deferred and contingent premium. The demise of Lamp and Elite clearly gave the regulator cause for concern, and the impact of such has been to put unnecessary burdens on the likes of Acasta and other Gibraltar based ATE providers. We are in many ways victims of our own stellar success, as the more premium we write the greater the burden the regulator imposes. Recognising this, we have been preparing for some time now for the Commercial ATE team to move to another insurance entity, and that deal is now sufficiently close to fruition that the Acasta board have decided that Acasta can cease to write ATE policies as a whole.
It goes without saying, but for the avoidance of doubt, this is in no way a reflection on the health of Acasta as a whole, which continues to grow and go from strength to strength.
It is therefore with a degree of sadness that I must advise that with immediate effect, Acasta will not be writing any more ATE policies. Of course, by its very nature, the run off of the ATE book will be significant and so for now the team will remain in situ to assist with the run off exercise. As alluded to above, efforts are underway to move the Commercial ATE team of Acasta to another entity, and so we will only be having a short hiatus for new cases.
We thank all of our partners for their support over the years and hope to be back with you soon.
Head of Legal