Middlesea Insurance
 | |
| Public limited company | |
| Traded as | MSI |
| Industry | Insurance |
| Founded | 1981 |
| Headquarters | Floriana, Malta |
Key people | |
| Products | Group Life and Non-Life Insurance |
| Parent | The MAPFRE Group |
| Subsidiaries |
|
| Website |
www |
Middlesea Insurance p.l.c. is a leading Insurance provider, headquartered in Floriana, Malta, and is a member of the MAPFRE Group.
Middlesea is listed on the Malta Stock Exchange and is traded with symbol code MSI.
History
Middlesea registered in 1981 as the first insurance company transacting general business in Malta. The company added life insurance to its offerings in 1983. In 1994, it 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 in Middlesea.[3] Following this transaction, MAPFRE increased its aggregate shareholding in Middlesea to 50.98% of the issued share capital, thus acquiring a controlling interest in the company. Middlesea's traditionally blue colour scheme was replaced by MAPFRE's grey-red scheme.[4]
Middlesea announced a group before-tax profit of €17.98 million for the year ending 2012.[5]
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. Retrieved 2013-03-01.
- ↑ "Mapfre buys 18.3 million Middlesea shares". The Times of Malta. 29 July 2011. Retrieved 2013-02-27.
- ↑ "Middlesea registers €7.17 million profit for the first six months of 2012". The Times of Malta. 25 July 2012. Retrieved 2013-02-27.
- ↑ "Middlesea registers €17.98 million proft before tax for year ended December 2012". The Malta Independent. 28 February 2013. Retrieved 2013-03-02.