It was officially announced on May 12, 2010 that the Gibraltar-based firm Perseverance Limited was putting KGM Motor Insurance up for sale. As KGM has seen its gross written premiums rise in the last few years and can be expected to continue to generate new business, it could represent a worthwhile purchase despite being a minor player.
Gibraltar-based insurer Markerstudy Holdings has acquired motor insurance firm Zenith from Guardian Holdings. The deal will be welcomed by the latter's shareholders, given the past performance of Zenith. However, as the market hardens, Markerstudy's acquisition of the company may yet prove to be a winning strategy.
Under pressure from incoming Solvency II rules, a number of Gibraltar-based firms are reportedly in danger of entering run-off. Home to several niche motor insurers, the resulting consolidation and market exits may harden the non-standard segment.
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