Page 6 - Layout 1

News
MGAA presents the first face to face insurance event in 18 months
In July, Michael Keating, CEO and David Coupe, Chair, of the Managing General Agents Association (MGAA) were welcomed to Gibraltar to present to insurance and other professionals on the MGAA, whose 160 members currently write gross written
premium in excess of £6 billion per annum.
The event, co-hosted by Gibraltar Finance and the Gibraltar Insurance Association was well attended.
Albert Isola, Minister for Digital and Financial Services stated: “The MGAA’s focus on
innovation and high standards resonates
particularly well with our recent legal changes to make Gibraltar a more compelling proposition for managing general agents, together with our focus to attract more insurtechs to the Rock”.
Mr Keating commented: “It was a pleasure to spend time in Gibraltar to meet and discuss the fantastic opportunities which exist for both MGAs and insurers with a wide range of stakeholders”.
said: “We have consistently showed pragmatism and flexibility in the search for arrangements that work for all sides, and we are disappointed that this has not been reciprocated. We urge the EU to think again.”
UK clashes with EU over Gibraltar’s sovereignty
The UK Foreign Secretary, Dominic Raab, has accused the EU of seeking “to undermine the UK’s sovereignty over Gibraltar”.
Mr Raab stated that he was “disappointed” by EU proposals for a post-Brexit deal with the jurisdiction and said that a draft mandate from the
European Commission “directly conflicts” with a framework deal agreed by the UK, Gibraltar and Spain at the end of 2020.
The British overseas territory was not included in the trade agreement settled between the UK and EU last year, and a separate deal has to be agreed.
In a statement, the foreign secretary
Corporate tax increase due to pandemic
The Chief Minister, Fabian Picardo, announced as part of his “rebuilding” budget speech in late July that there would be an increase in corporate tax from 10% to 12.5%, aimed at revitalising Gibraltar’s economy and public finances after a “revenue wrecking” pandemic.
In a speech to the Gibraltar parliament lasting nearly four hours, Mr Picardo reviewed Covid and Brexit developments since the global crisis began.
Mr Picardo said: “Covid had been equivalent to a war time catastrophe and no one in this house or outside saw it coming. Gibraltar had been one of the world’s fastest-growing economies prior to Covid and was well-placed to bounce back.”
He added: “In the context of the historic juncture in which we find ourselves, I have no doubt that today it falls on me to deliver the hardest budget in our history as a people since the closure of the frontier.” (See Budget Report page 12)
BDO supporting cancer charities
This summer, as part of their continued support for cancer charities, local accounting firm BDO Gibraltar, held a ‘Walk and
Donate’ event in aid of Breast Cancer Support Gibraltar, and raised money for the Cancer Research UK Gibraltar Branch Flag Day.
BDO Gibraltar who have supported many different charities over the years, believe in supporting local charities and allow employees special paid leave to attend charitable and community events.
6 Gibraltar International
www.gibraltarinternational.com