Insurance Federation Awards Free Enterprise Honors to Jesmond Gatt, Malta Financial Authority Chairman during Insurance Federation of New York’s 110th Annual Luncheon

300 gather to applaud Gatt and Public Service honoree John Crotty

The Insurance Federation of New York (IFNY) recognized two outstanding leaders in our industry at its 110^th Annual Award Luncheon, held at New York’s historic Union League Club. Hon. Jesmond Gatt received the Free Enterprise Award and  delivered thoughtful remarks on the importance of innovation and leadership in today’s insurance landscape. John Crotty garnered the Mary Lanning Public Service Award, and shared inspiring reflections on public service, dedication, and the impact of our work in communities across New York.

Acting Superintendent Kaitlin Asrow, NY Department of Financial Services, participated in a thoughtful and engaging fireside chat with IFNY President Howard Mills. The conversation offered a valuable perspective on current priorities and the evolving regulatory landscape, and it was one of the afternoon’s most anticipated moments.

IFNY Interns and Hope Ignites Scholars—remarkable young individuals who represent the future of insurance—were presented and enthusiastically applauded.

Remarks by Chairman Gatt

“Thank you to Howard Mills, former Superintendent of Insurance of New York, for that kind introduction, and thank you Members of the Board and Fellow Members of the Insurance Federation of New York (‘IFNY’).

It is with immense gratitude and humility that I stand before you today to accept the Insurance Federation of New York’s Free Enterprise Award. This recognition is not only a personal honour but also a testament to the power of collaboration, innovation, and shared vision of regulatory authorities across borders.

As we are gathered here in the heart of New York, a global hub of finance and insurance, may you allow me to shine a light on a small but a potential partner across the Atlantic—Malta; a small island nestled in the Mediterranean, just south of Sicily sitting at the intersection of Europe, North Africa, and the Middle East. Its strategic location has made it a crossroads of civilizations for thousands of years, on occasions becoming the epicentre of pivotal events in history, such as the defence of Christian Europe from Ottoman expansion in the 16th century and more recently in 1943, arguably being part of the turning point of the Second World War.  The challenges endured over the years lives on in Malta’s architecture, institutions, and enduring spirit of resilience. The Knights of Malta transformed the island in the sixteenth and seventeenth century into a fortress of strength and strategy, and today, that same strategic positioning has been repurposed for commerce, diplomacy, and innovation.

Malta is no longer a battleground—it is a bridge. A bridge between continents, between cultures, and between markets.

In the modern era, Malta has emerged as a central hub for financial services, making it an ideal launchpad for companies looking to operate across multiple regions, and particularly within the European Union, offering a stable, well-regulated, and business-friendly environment that is uniquely positioned to support the ambitions of U.S. insurance firms. By joining the Eurozone, Malta aligned itself with one of the world’s most stable and influential currency areas making it more attractive to international investors and financial industry operators. For financial services firms, this means operating in a jurisdiction trusted by the international community that not only offers access to the European market but also benefits from the strength and reliability of the Euro.

The Malta Financial Services Authority (MFSA), of which I have the honour of being the Chairman, has cultivated a reputation for efficiency and innovation while remaining responsive to the needs of international firms. It operates under EU directives, ensuring that companies licensed in Malta benefit from passporting rights across all EU member states, making it an ideal gateway to the European Single Market. This presents a compelling opportunity in today’s interconnected marketplace, with the added benefit of having access to a responsive regulator who is always readily available to discuss new ideas and concepts striking a balance between regulation and innovation.

Malta’s financial services sector is built on a foundation of trust, transparency, and innovation. It is home to a thriving ecosystem of insurers, reinsurers, captives, fund managers, and fintech firms supported by a range excellent service providers, testimonials include insurance managers such as Marsh, Aon and Willis, all of whom maintain a sizeable setup on the island. The country has also embraced emerging technologies, including blockchain and digital assets, positioning itself as a forward-thinking jurisdiction that welcomes innovation while maintaining high standards of compliance. It is a place where tradition meets transformation, and where ambitious innovative firms can find both opportunity and partnership.

The relationship between the United States and Malta is built on a foundation of mutual respect, shared democratic values, and a commitment to economic growth.

Over the years, this partnership has evolved into a dynamic collaboration, particularly in the financial services sector. This allows Malta to offer vast opportunities to U.S. insurance entrepreneurs looking to expand their reach into the EU and tapping into its 450 million strong market.

But Malta offers more than just regulatory access. The MFSA is known for its responsiveness and collaborative approach. It works closely with firms to understand their business models and tailor regulatory solutions that uphold integrity without stifling innovation, an ethos of partnership. This is particularly valuable for innovative entrepreneurs who are pioneering new insurance technologies, digital platforms, and alternative risk transfer mechanisms. The Maltese government, regulators, and industry stakeholders actively engage with international firms to foster growth. They understand that collaboration is not just about transactions; it is about building relationships, sharing knowledge, and co-creating solutions that benefit all sides. Our teams work hand-in-hand with their U.S. regulatory counterparts to ensure cross-border collaboration that defines our industry’s future. This synergy is more than a business opportunity—it is a model for global cooperation. In a world facing complex risks—from climate change and cyber threats to geopolitical uncertainty—no single country or company can go it alone. We must work together, share insights, and build resilient systems that protect people and communities across borders.

That is why this award means so much to me and my organisation. It represents not just individual achievement, but collective progress. It honours the bridges we have built between the U.S. and Malta, and the promise they hold for the future of the financial industry of both countries

To my colleagues in the U.S. insurance industry, I extend an invitation: explore Malta. Engage with its regulators, connect with its professionals, and discover the strategic advantages it offers. Whether you are looking to expand into Europe, launch a new product, or establish a captive, Malta is ready to be your partner.

To my Maltese colleagues and collaborators, thank you for your unwavering commitment to excellence. Your work continues to elevate Malta’s standing on the global stage and create opportunities for meaningful international engagement.

And to the IFNY, thank you for this incredible honour. Your recognition affirms the importance of global collaboration in shaping the future of insurance. Together, we are not just building businesses—we are building trust, resilience, and shared prosperity.”

Let us continue to innovate, collaborate, and lead with purpose. The future of insurance is global, and together, we are ready to meet it.

Thank you.”

Hon. Jesmond Gatt

Chairman

Malta Financial Services Authority

Jesmond Gatt was appointed as Chairman of the Board of Governors of the Malta Financial Services Authority in 2023.

Mr Gatt joined the Central Bank of Malta in 1984, graduating in Mathematics and Computing at the University of Malta in 1995. During his career at the Bank, which spans over 37 years, he has worked on all major IT projects holding the position of Chief Officer responsible for retail banking services, management of currency and the regulation of payment systems and infrastructures. He formed part of the core financial sector team which oversaw the changeover to the Euro in Malta in 2008. Since Malta became part of the European Union he has been a member of a number of Euro system and European Commission committees working on payments systems and the management of euro notes and coins. He has also participated in a number of European Commission initiatives drawing up payment systems regulations. Since 2016 he has been sitting on the Board of the FIAU, acting as Chairman to the Board from 2020. From 2022 to 2024, he served as the Chief Executive Officer of Malta Government Investments.

John A. Crotty

Founder

Milford Street Affordable Housing Captive

Prior to joining JPMorganChase, John was the Executive Vice Pres¬ident of the New York City Housing Development Corporation (HDC) from 2004 to 2007. HDC was the nation’s leading issuer of affordable housing bonds during two of his three years at HDC. Prior to joining HDC, John was Mayor Bloomberg’s Director of City Legislative Affairs. In that position, he was responsible for passage of New York City’s $50 Billion budget as well as the smoking ban, tort reform, land use actions, and countless other matters before the City Council. Between 1996 and 2002, before he joined the Bloomberg administration, John held a variety of financial management positions at MCI, Paine Web¬ber, Winstar and Verizon.

John was a Founding Member of Santa’s Angels a local not-for-profit organization that distributes gifts during the holiday season. In 2013, Governor Cuomo appointed John to serve, and the NYS Senate confirmed him, as a member of the Gaming Commission. John holds a Master in Business Administration from Columbia Business School and a Bachelor of Arts from the University of Rochester. In his spare time he is trying to understand further concepts around M-Theory to help explain universal causation.

Kaitlin Asrow

Acting Superintendent

New York State Department of Financial Services

Kaitlin Asrow was appointed Acting Superintendent of the New York State Department of Financial Services (DFS)by Governor Kathy Hochul effective October 18, 2025.

Prior to her appointment, she served as Executive Deputy Superin¬tendent of the Department’s Research & Innovation Division where she led the regulation of virtual currency entities, including BitLicens¬es and limited purpose trust companies. Under her leadership, DFS developed one of the world’s most sophisticated regulatory frame¬works for digital assets and issued 11 pieces of groundbreaking regu¬latory guidance, helping to establish a global gold standard for virtual currency oversight.

Acting Superintendent Asrow also oversaw Department-wide initia¬tives on innovation policy, economic research, financial inclusion, and data governance. Since joining DFS in 2022, she has played a key role in advancing the Department’s operational modernization and transformation efforts.

Before her tenure at DFS, Acting Superintendent Asrow served as a Senior Policy Advisor for both the Bank of San Francisco and the Board of Governors within the Federal Reserve System. In that capacity, she led supervision and policy initiatives across the Federal Reserve Sys¬tem and coordinated innovation policy among the 12 district banks, the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). Her work focused on emerging financial technologies, data governance and management, data privacy, and artificial intelligence. Prior to the Federal Reserve, she worked for the Center for Financial Services In¬novation, now the Financial Health Network, the leading authority on consumer financial health.

A recognized leader in financial services innovation and policy, entity supervision, and research design, Acting Superintendent Asrow has published extensively on data policy, including an evaluation of data protection and data rights in the United States and a review of Open Banking. She holds a Bachelor of Arts from Stanford University and a Master of Public Policy from the University of Chicago.