Stuart Ciappara has two passions in life. Cooking and finance. In fact, he sees a great deal of similarities between the two, and it is these similarities from which he often draws his style of leadership. “Sharing food is a great way of bringing people together, as it goes way beyond the mere value of sustenance,” says Stuart, as he reflects on his professional journey.

In fact, Stuart is Managing Director at Artex Risk Solutions in Malta, an insurance management company which forms part of Arthur J. Gallagher, one of the world’s largest insurance brokerage, risk management and consulting firms, listed on the New York Stock Exchange employing some 53,000 employees worldwide.

“Through the sharing of food, we get to know each other and grow together as strong teams. This is a value I cherish closely, and which I bring from my experience and involvement at Scouts – cooking for many dozens of famished girls and boys,” he quips.

A certified accountant by profession, Stuart combines his two passions together, as it wouldn’t be the first time that he treats his team to an authentic rendition of his famous carbonara! “Food gets people to relax and laugh together – and it is the best way to create meaningful bonds that are extremely useful in all spheres of life.”

After serving as a CFO at one of Malta’s leading food-related franchising mother companies, he joined Artex in 2008, unexpectedly embarking on a new journey in the world of insurance, becoming Managing Director of the company in Malta after eight years.

“The insurance industry is a very robust and resilient industry, partly because of the way things are structured, as well as the regulation that governs it,” Stuart explains, as he recalls how the experience of the credit crunch, the economic crisis of 2009 and the second dip in 2011, COVID19 and the more recent military tensions only proved its importance.

“Insurance often acts as the backbone to all the rest of the economy, providing the much-needed cushioning required for businesses to operate freely and reach their full potential. Unfortunately, a lack of public awareness sometimes gives the insurance industry a less than favourable reputation; however an improved understanding of how insurance works can go a long way to explain the intricacies of the business.”

“To this day I still find it to be nothing short of fascinating,” Stuart confesses. “You are learning something new every day, as you meet new challenges and devise innovative and creative ways to find solutions.”

Artex in Malta operates as a service provider to insurance companies, who may be inclined to outsource certain sections of their operations to them. Focusing on the corporate world, Artex’s portfolio of clients, though registered in Malta, would be selling their insurance products on the international market - primarily the EU. 

One area of expertise and specialisation for Artex is to assist large companies that would be interested in setting up their own insurance company generally referred to as a captive. "A captive is an insurance company which is created to insure against the risks of the parent companies only thereby protecting the interests of such large companies. It's like an exclusive insurance company that would technically have just one client,” Stuart explains.

“Large multinational companies which operate in multiple jurisdictions, owning property and resources in several countries would have a myriad of risks. The captive insurer would seek to address matters such as risk management, cash flow, as well as mitigating price hikes in the open market. Hence, through the captive, the group would be able to smooth the highs and the lows that the direct open market can be subject to.”

Artex, through its support to captives, also goes into providing bespoke support which the open market may be ill-equipped to provide. “For example, in certain cases, companies might have a piece of equipment which may be unique to them, as it would have been created exclusively for their operation. There’s no need to underline how precious such a piece of machinery would be to this client, who in many cases wouldn’t be able to purchase sufficient insurance cover from traditional sources due to a lack of homogeneity of risks and the appetite of the insurance market to insure such unique risks.  Captives are best placed to insure such risks and Artex can help in the insurance journey to insure such risks. Each case is studied in detail and bespoke solutions provided.”

Asked about the challenges of recruiting the suitable human resources to sustain the ever-growing trends of the industry, Stuart is clear in his view that while emerging technologies can, in many ways, help the company achieve new heights, there is no replacement for the human element.

“We remain operators within the services industry, and that means that the human touch must remain in the way we deal with and communicate with our clients. The challenge is not small. We see it across the different jurisdictions where we operate, as identifying the right people with the right skills is becoming more challenging. As a group we make it a point to provide an array of benefits beyond the excellent remuneration packages, making our teams feel welcome and thus retaining their services for as long as possible. These include countless opportunities for growth, as well as training which the group invests in generously.”

Operating in a highly specialised industry, training is not cheap, and the return on investment can take several years to materialise, however Artex remains steadfast in its belief in continuous self-development, as new talent is attracted from multiple sources, both locally and internationally.

Looking at the challenges in the industry, Stuart identifies that staying on top of incoming regulation is always the most important part of the job, as it gives Artex the cutting edge over the market, whilst putting its clients’ minds at rest.

“The landscape is everchanging. The industry is unrecognisable from what we were used to when many of us started, and it will continue shifting with every year that passes. Having a clear visual of matters, means you need to stay flexible and adaptable, while making sure that you continue investing in the operation, to better respond to what’s coming next,” he concludes.