Mapfre Middlesea: Difference between revisions
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In a desire to expand its operations, Middlesea Insurance plc acquired the Italian insurance company Progress Assicurazioni SpA in 2000, and opened an office in Gibraltar. Although positive results were initially recorded, the Italian subsidiary went on to produce negative figures in later years, leading to its closing down in 2010.<ref>{{cite news|http://www.timesofmalta.com/articles/view/20100317/local/middleseas-progress-affair-a-terrible-experience.298558|title=Middlesea's Progress affair 'a terrible experience'|date=17 March 2010|publisher=The Times of Malta|accessdate=2013-03-01}}</ref> |
In a desire to expand its operations, Middlesea Insurance plc acquired the Italian insurance company Progress Assicurazioni SpA in 2000, and opened an office in Gibraltar. Although positive results were initially recorded, the Italian subsidiary went on to produce negative figures in later years, leading to its closing down in 2010.<ref>{{cite news|http://www.timesofmalta.com/articles/view/20100317/local/middleseas-progress-affair-a-terrible-experience.298558|title=Middlesea's Progress affair 'a terrible experience'|date=17 March 2010|publisher=The Times of Malta|accessdate=2013-03-01}}</ref> |
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In 2011, [[MAPFRE]] Internacional finalised the arrangements which led to its acquisition of Munich RE's 19.99% shareholding.<ref>{{cite news|http://www.timesofmalta.com/articles/view/20110729/local/mapfre.377901|title=Mapfre buys 18.3 million Middlesea shares|date=29 July 2011|publisher=The Times of Malta|accessdate=2013-02-27}}</ref> Following this transaction, MAPFRE increased its aggregate shareholding in Middlesea Insurance plc to 50.98% of the issued share capital, thus acquiring a controlling interest in the company. MAPFRE has quickly established itself in Malta during a period which saw the inclusion of the MAPFRE brand in the company's logo in a rebranding exercise which saw Middlesea's traditionally blue colour scheme replaced by [[MAPFRE]]'s grey-red scheme.<ref>{{cite news|http://www.timesofmalta.com/articles/view/20120725/local/middlesea-registers-7-17-million-profit-for-the-first-six-months-of-2012.430082|title=Middlesea registers €7.17 million profit for the first six months of 2012|date=25 July 2012|publisher=The Times of Malta|accessdate=2013-02-27}}</ref> |
In 2011, [[MAPFRE]] Internacional S.A. finalised the arrangements which led to its acquisition of Munich RE's 19.99% shareholding.<ref>{{cite news|http://www.timesofmalta.com/articles/view/20110729/local/mapfre.377901|title=Mapfre buys 18.3 million Middlesea shares|date=29 July 2011|publisher=The Times of Malta|accessdate=2013-02-27}}</ref> Following this transaction, MAPFRE increased its aggregate shareholding in Middlesea Insurance plc to 50.98% of the issued share capital, thus acquiring a controlling interest in the company. MAPFRE has quickly established itself in Malta during a period which saw the inclusion of the MAPFRE brand in the company's logo in a rebranding exercise which saw Middlesea's traditionally blue colour scheme replaced by [[MAPFRE]]'s grey-red scheme.<ref>{{cite news|http://www.timesofmalta.com/articles/view/20120725/local/middlesea-registers-7-17-million-profit-for-the-first-six-months-of-2012.430082|title=Middlesea registers €7.17 million profit for the first six months of 2012|date=25 July 2012|publisher=The Times of Malta|accessdate=2013-02-27}}</ref> |
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Middlesea Insurance p.l.c. announced a € 17.98 million group profit before tax for the year ending 2012<ref>{{cite newshttp://www.independent.com.mt/articles/2013-02-28/news/middlesea-registers-1798-million-profit-before-tax-for-year-ended-december-2012-998211587/|title=Middlesea registers €17.98 million proft before tax for year ended December 2012|date=28 February 2013|publisher=The Malta Independent|accessdate=2013-03-02}}</ref> |
Middlesea Insurance p.l.c. announced a € 17.98 million group profit before tax for the year ending 2012<ref>{{cite newshttp://www.independent.com.mt/articles/2013-02-28/news/middlesea-registers-1798-million-profit-before-tax-for-year-ended-december-2012-998211587/|title=Middlesea registers €17.98 million proft before tax for year ended December 2012|date=28 February 2013|publisher=The Malta Independent|accessdate=2013-03-02}}</ref> |
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Revision as of 22:19, 2 March 2013
| Company type | Public Limited Company |
|---|---|
| MSI | |
| Industry | Insurance |
| Founded | 1981 |
| Headquarters | |
Key people | Martin Galea (Chairman) and Alfredo Munoz Perez (CEO) |
| Products | Group Life and Non-Life Insurance |
| Subsidiaries | Bee Insurance Management Limited MSV Life p.l.c. Euromed Risk Solutions Ltd Church Wharf Properties Ltd |
| Website | www.middlesea.com |
Middlesea Insurance p.l.c. is a leading Insurance provider in Malta headquartered in Floriana Malta, and is a member of the MAPFRE Group.
History
Registered in 1981 as the first insurance company transacting general business in Malta, the company has become a popular and well established institution. The company started transacting life insurance business in 1983. In 1994, Middlesea became the first local insurance company to be listed on the Malta Stock Exchange, and it was in that same year that Middlesea appointed its first Insurance Agency together with the foundation of Middlesea Valletta Life Assurance Co Ltd. (now MSV Life p.l.c.), a life insurance company, in partnership with Bank of Valletta.[1]
In a desire to expand its operations, Middlesea Insurance plc acquired the Italian insurance company Progress Assicurazioni SpA in 2000, and opened an office in Gibraltar. Although positive results were initially recorded, the Italian subsidiary went on to produce negative figures in later years, leading to its closing down in 2010.[2]
In 2011, MAPFRE Internacional S.A. finalised the arrangements which led to its acquisition of Munich RE's 19.99% shareholding.[3] Following this transaction, MAPFRE increased its aggregate shareholding in Middlesea Insurance plc to 50.98% of the issued share capital, thus acquiring a controlling interest in the company. MAPFRE has quickly established itself in Malta during a period which saw the inclusion of the MAPFRE brand in the company's logo in a rebranding exercise which saw Middlesea's traditionally blue colour scheme replaced by MAPFRE's grey-red scheme.[4]
Middlesea Insurance p.l.c. announced a € 17.98 million group profit before tax for the year ending 2012[5]
Company Structure
| Role | Person |
|---|---|
| President & CEO | Alfredo Muñoz Perez |
| Chief Financial Officer | James Mallia |
| Chief Officer Group Life & Health | Simon Anastasi |
| Chief Officer Special Projects | Simon Camilleri |
| Chief Officer Management Information Services | Bernard Fenech |
| Chief Officer Strategy and Product Development | Stephen Gauci |
| Chief Officer Underwriting | Keith Mallia Milanes |
| Chief Officer Human Resources | Chris Meli |
| Chief Officer Claims | Patrick Muscat |
References
- ^ https://www.middlesea.com/who-we-are/company-evolution.html "Company Evolution"
- ^ "Middlesea's Progress affair 'a terrible experience'". The Times of Malta. 17 March 2010.
{{cite news}}:|access-date=requires|url=(help); Text "http://www.timesofmalta.com/articles/view/20100317/local/middleseas-progress-affair-a-terrible-experience.298558" ignored (help) - ^ "Mapfre buys 18.3 million Middlesea shares". The Times of Malta. 29 July 2011.
{{cite news}}:|access-date=requires|url=(help); Text "http://www.timesofmalta.com/articles/view/20110729/local/mapfre.377901" ignored (help) - ^ "Middlesea registers €7.17 million profit for the first six months of 2012". The Times of Malta. 25 July 2012.
{{cite news}}:|access-date=requires|url=(help); Text "http://www.timesofmalta.com/articles/view/20120725/local/middlesea-registers-7-17-million-profit-for-the-first-six-months-of-2012.430082" ignored (help) - ^ Template:Cite newshttp://www.independent.com.mt/articles/2013-02-28/news/middlesea-registers-1798-million-profit-before-tax-for-year-ended-december-2012-998211587/