Incorporated Cell Company

The Incorporated Cell Company is one of the latest additions to Malta’s insurance offering. Built on the familiar cellular model, but with the unique characteristic of cells with their own legal identity, the structure is set to prove innovative in the Reinsurance Special Purpose Vehicle landscape.

An Incorporated Cell Company (ICC) is very similar to a Protected Cell Company, with the exception of each incorporated cell within an ICC having a separate legal entity. Incorporated cells are established within the ICC structure and assets and liabilities are attributed either to the cell company itself, or to a particular separate cell of the company. An incorporated cell in Malta allows a cell owner to insure directly own risks in EEA, sell insurance to third parties in EEA and reinsure risks outside the EEA. Cells can also insure on non-admitted basis risks globally where allowed.

Benefits of an Incorporated Cell

Direct Writing into Europe

ICCs and incorporated cells licensed in Malta can access EU markets through the single passport route avoiding fronting arrangements.


The ICC provides a secure structure for the segregation of assets and liabilities with each cell a separate legal entity. For example, a company could have separate cells for catastrophe and health insurance.


Incorporated cells are allowed to enter into binding agreements with one another and with the ICC, facilitating the possibility of financial guarantees or reinsurance
arrangements between cells and between the cells and the ICC, where the core acts as the reinsurer to the fronting cell.


Download your copy of the Incorporated Cell Company Factsheet