Middlesea Insurance plc - Quote

Middlesea Insurance plc - Profile

Middlesea Insurance plc was established in 1981 as the first Maltese composite insurance Company transacting business in all classes of insurance and reinsurance in Malta and overseas.

In June 1999, prior to the takeover of Mid-Med Bank plc by HSBC Holdings plc, Mid-Med sold its 21% shareholding in Middlesea Insurance plc to the Government of Malta. This 21% shareholding amounted to 2,625,000 shares. 32.9% of these shares, representing 863,625 shares were then offered by the Government of Malta on 20 November to all Mid-Med Bank shareholders as at the close of business on 5 April 1999 (when the takeover of Mid-Med Bank was announced and the shares were suspended on the Malta Stock Exchange). On 10 January 2001, the Government of Malta, through a special deal on the Malta Stock Exchange, transferred 648,996 shares to all eligible investors who opted to participate in the offer.

In July 2000, Middlesea Insurance plc was granted a licence by the Gibraltarian Financial Services Commission to start operating a branch office in Gibraltar. Mascarenhas Insurance and Finance Limited were appointed as representative agents for the new branch in Gibraltar to underwrite most classes of business.

In August 2000 Middlesea Insurance plc acquired a 51% shareholding in Mapfre Progress S.p.A. (now Progress Assicurazioni S.p.A), a non-life assurance Company based in Sicily and operating in Southern Italy. Through this acquisition, Middlesea Insurance plc joined forces with Corporacion Mapfre Compania Internacional de Reaseguros, one of the largest financial institutions in Spain. Mapfre Progress S.p.A was established in the late 1970s. In 1988, the company became a subsidiary of the Spanish group. The company is licensed to write most classes of general business.

In November 2002, Assicurazioni Generali sold 290,930 shares of Middlesea Insurance plc to Corporacion Mapfre S.A, thereby increasing Corporacion Mapfre’s shareholding in Middlesea Insurance plc to 5.57%.

In January 2005, the Government of Malta sold 7.85% of its shareholding in Middlesea Insurance plc to Corporacion Mapfre S.A. Similarly, Air Malta sold 7.33% of it shareholding in Middlesea Insurance plc to the Spanish Company. As a result, the shareholding of Corporacion Mapfre S.A in Middlesea Insurance plc increased to 21%.

In August 2005, Middlesea Insurance plc acquired from Corporacion Mapfre S.A their 38.97% holding in Progress Assicurazioni S.p.A. As a result, the shareholding of Middlesea Insurance plc in Progress Assicurazioni increased from 51% to 89.97%. Middlesea Valletta Life Assurance Co Ltd holds an additional 10% of the Italian company.

In September 2005, Munchener Ruckversicherungs-Gesellschaft (Munich Re) acquired an additional 7.17% or 896,584 shares of Middlesea Insurance plc from the Government of Malta. As a result, Munich Re’s shareholding increased to 19.9%.

The Board of Directors of Middlesea Insurance plc are: Mr Joseph F X Zahra (Chairman), Mr Roderick Chalmers, Mr Lino Spiteri, Mr Andres Jimenez Herradon, Mr Tonio Depasquale, Mr Michael Sparberg, Mr Javier Fernández-Cid Planiol, Mr Gaston Debono Grech, Mr Paul S. Testaferrata Moroni Viani and Mr Carlo Farrugia (Company Secretary).

Subsidiaries

• Bee Insurance Management Services (100%): This Company was set up in 1991 for the purpose of providing feasibility studies, risk management incorporation, administration and comprehensive management services to captives and other insurance companies operating from Malta. In January 2002, Middlesea Group initiated a restructuring process and became the insurance manager for the Group providing back office support services to the General and Life Insurance Companies of this Group.

• Euro Globe Ltd (100%): This Company deals in various investments including property, equities and fixed income securities.

Jointly Controlled Company

• Middlesea Valletta Life Assurance Company Ltd (50%): A Company specialising in the provision of life assurance and retirement planning schemes. This company was originally set up as a joint venture between Middlesea Insurance plc, Bank of Valletta plc and Munich Re. In September 2005, Bank of Valletta plc (BOV) purchased from Munich Re, their 10% shareholding in Middlesea Valletta Life Assurance Company Limited (MSV). In addition, BOV also purchased from Middlesea Insurance plc a 1% shareholding in MSV. Following these purchases, Bank of Valletta plc and Middlesea Insurance plc both own 50% of MSV’s total equity. Middlesea Valletta Life Assurance Company Ltd owns the following subsidiary:

• Growth Investments Ltd (100%): This Company was set up in September 1997 as a wholly owned subsidiary of Middlesea Valletta Life Assurance Company Ltd. Growth Investments Ltd forged an alliance with Fidelity Investments, which allows it to offer its customers a choice of equity, bond, cash and asset allocation funds.

• Church Wharf Properties Ltd (50%): A property company which is jointly owned by Middlesea Insurance plc and Middlesea Valletta Life Assurance Co. Ltd.

Share Capital

The Company was listed on the Malta Stock Exchange on 28 September 1994 with an issued share capital of 12.5 million ordinary shares having a nominal value of €1.1647 each.

Prior to the listing, the Company had an issued share capital of 5 million ordinary shares with a nominal value of €2.3294 each. Following a 2-for-1 share split in 1994, the Company’s share capital increased to 10 million ordinary shares of €1.1647 each. On 12 April 1994 the Company made a 1-for-4 rights issue, adding a further 2.5 million shares of €1.1647 each, bringing the total issued share capital to 12.5 million shares.

On 28 June 2006 Middlesea Insurance plc effected a 2-for-1 share split. As a result the authorised share capital doubled from 30 million ordinary shares of €1.1647 each to 60 million ordinary shares of €0.5823 each and the issued share capital doubled from 12.5 million ordinary shares of €1.1647 each to 25 million shares of €0.5823 each.

In June 2008, following the introduction of the Euro, Middlesea Insurance plc increased the nominal value of its shares from €0.582343 to €0.60 each by capitalising the sum of €441,425 from the credit element in the Profit and Loss Account. As a result, its Authorised share capital increased to €36,000,000 divided into 60 million shares whilst its issued share capital increased to €15,000,000 divided into 25 million shares fully paid.

After the significant losses incurred by the Italian subsidiary (Progress Assicurazioni Spa) eroded shareholders’ funds to €40.1 million as at 30 September 2009 from €85.8 million as at 31 December 2007, the Middlesea Group decided to reinstate the capital resources of the Company in line with statutory and regulatory capital requirements. This was done by a €40 million rights issue represented by 67,000,000 new shares at a price of €0.60 per share. Following the rights issue the shares in issue increased to 92 million.

Middlesea Insurance plc - Financials

Middlesea Insurance plc Interim Accounts

Middlesea Insurance plc Final Accounts

News for Middlesea Insurance plc

Middlesea Insurance plc - Downloads

• Middlesea Insurance plc - 2010 Annual Report (1.1 MiB, 47 hits)
• Middlesea Insurance plc - Investor Fact Sheet (128.6 KiB, 121 hits)
• Middlesea Insurance plc - 2009 Annual Report (485.5 KiB, 372 hits)
• Middlesea Insurance plc - Rights Issue Prospectus 20.11.09 (1.1 MiB, 360 hits)