Lloyds rules out Malta for subsidiary outside UK

Lloyds of London has ruled out Malta as the location for a subsidiary outside the UK, in spite of the fact that Malta had a “unique cell structure” which looked very promising, according to the insurance company’s CEO.
Inga Beale, Lloyd’s chief executive officer, was interviewed by Bloomberg’s Erik Schatzker at the World Economic Forum in Davos, Switzerland, and confirmed that Malta caught their attention thanks to the so-called protected cell company structure in the island’s legislation.
“Malta had a unique cell structure that was available, and because we are a market, it looked like it was going to work for us,” she said.

“But we have now decided it is just not going to be the right location. We are such a global business that we just felt that it was wrong. So it is more likely to be somewhere on the continent.”
Malta was not originally in contention for the prestigious subsidiary and was only added to the list a few weeks ago.
Lloyds then sent a delegation to Malta. This newspaper reported recently that Malta was in pole position, but sources immediately warned that this announcement would not go unnoticed by its rivals.
Ms Beale told Bloomberg that she had had talks with...