GTB At The Meetings Show
The Gibraltar Tourist Board exhibited at the Meetings Show, London at the start of the month. The show welcomes exhibitors from around the world including hotels, destinations, destination management companies, conference venues and technology suppliers, allowing them to come face to face with global buyers of event, meetings and incentive locations.
This year it was co-located with the Business Travel Show Europe and the TravelTech Show allowing full integration with the industry’s corporate community. Lord Sebastian Coe delivered the joint keynote with TEAMS Europe, a newly launched platform for sport-event organisers seeking destinations and suppliers that want more sport related conferencing and event business.
Tracey Poggio from the Gibraltar Tourist Board, joined by Britta Weiser, Sales and Marketing Director of Sunborn Gibraltar said, “We have joined the Tourist Board at this show in the last few years and are able to equate the relationship building with conversion to business in Gibraltar. There are many shows targeting the meetings industry and the Meetings Show is an important element in that mix, particularly for business traffic starting in the UK.”
Minister for Business and Tourism, The Hon. Vijay Daryanani MP added, “Returning to this show Gibraltar continues to build on its relationships with suppliers. There is much scope for development and growth in this sector for our destination.”
RECOGNITION FOR ISOLAS
Isolas was recognised by voters at the 2022 Hedgeweek Europe Digital Assets Awards as the top law firm to support and guide businesses in the funds domiciliation process. The firm, located in Gibraltar – which has recently been named in a PwC and Elwood report as a jurisdiction of choice for the domiciliation of hedge funds, was up against some of the best international law firms.
Commenting on the award win, Jonathan Garcia, Partner at Isolas said, “We are both proud and honoured to receive this award. It is another milestone for our Funds Practice and wider Isolas team as it reflects the dedication, expertise, and commitment we have for our clients.”
Peter Isola, Senior Partner at ISOLAS commented, “Gibraltar is a preferred jurisdiction for the domiciliation of digital funds, as its innovative, vibrant and robust financial services system gives businesses the confidence and security they need to invest and grow. This award is a testament to the work and contribution the team has made toward positioning Gibraltar as a forward-thinking jurisdiction for the fund’s sector. As Gibraltar and Isolas both continue to grow their respective international influence, I look forward to welcoming more clients from across the world to the jurisdiction and our firm.”
The Hedgeweek European Digital Assets awards aim to recognise excellence among fund managers and service providers in the digital asset space.
Chamber budget response
Gibraltar’s Chamber of Commerce was combative in its response to the recent Budget. While it expected a rebalancing of finances after the COVID-19 pandemic, the measures announced fell short of what it had expected.
A spokesperson said, “The Government has sought to lumber the taxpayer and local business with additional costs with very little attempt to return Government to a balanced budget whilst its recurrent spending continues unabated.
The deficit is forecast to be £55.29 million this year and £45.3 million next year. It will borrow to meet this deficit instead of seeking greater efficiencies and reducing spending which would be the more prudent and sensible approach.”
“If the Government’s finances are in such a dire state then more drastic measures such as means testing and inflationary rent increases for Government housing should have been considered.”
The Chief Minister has repeatedly taken to social media to defend the Government’s Budget this year, and conceded the flat-rate business COVID levy would be rethought.
The Chief Minister has repeatedly taken to social media to defend the Government’s Budget this year, and conceded the flat-rate business COVID levy would be rethought.
MGAA 2022 CONFERENCE
Gibraltar Finance attended and sponsored the annual insurance conference of the Managing General Agents Association (MGAA) in the City of London last month.
Gibraltar Finance was represented by Senior Executive, Michael Ashton, who was joined by a number of insurance professionals from Gibraltar. The conference was very well attended with over 850 delegates and the Gibraltar Finance Stand was busy all day.
Albert Isola MP, Minister for Digital and Financial Services stated, “The growth in the UK MGA sector over the last 10 years has been substantial with MGAs securing a growing share of premium and partnering with a larger number of insurers. This trajectory is likely to continue.
MGAs have become increasing important to the insurance distribution chain because the sector has shown strong innovation in terms of product development, the adoption of new technologies and the introduction of new business models. The MGA structure continues to be the preferred model for insurtechs. We are looking at a number of ways to enhance Gibraltar’s appeal for new MGAs.”
The MGAA was founded in 2011 by a group of individuals who saw the need for an association to represent MGAs; lobbying on their behalf, communicating their considerable benefits and maintaining high standards within the industry.
Today the MGAA has evolved into a trade association for MGAs in the UK and Ireland with over 180 MGA members. Collectively these MGAs write in excess of £6.5 billion gross written premium per annum.
