Mapfre Middlesea

MAPFRE Middlesea plc (previously Middlesea Insurance) is a Maltese insurance company headquartered in Floriana. It is a subsidiary of the Spanish multinational insurance company MAPFRE.

Mapfre Middlesea plc.
Formerly
Middlesea Insurance (1981–2015)
Public limited company
Traded asMSE: MMS
IndustryInsurance
Founded1981 (1981)
Headquarters
Floriana
,
Malta
Key people
ProductsGroup Life and Non-Life Insurance
ParentMAPFRE
Subsidiaries
  • Bee Insurance Management Limited
  • MSV Life p.l.c.
  • Euromed Risk Solutions Limited
  • Church Wharf Properties Limited
Websitewww.middlesea.com

History

Middlesea Insurance 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 €17.31 million for the year ending 2014.[5]

In May 2015, Middlesea Insurance rebranded as MAPFRE Middlesea.[6]

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References
  1. https://www.middlesea.com/who-we-are/company-evolution.html "Company Evolution"
  2. "Middlesea's Progress affair 'a terrible experience'". The Times of Malta. 17 March 2010. Retrieved 1 March 2013.
  3. "Mapfre buys 18.3 million Middlesea shares". The Times of Malta. 29 July 2011. Retrieved 27 February 2013.
  4. "Middlesea registers €7.17 million profit for the first six months of 2012". The Times of Malta. 25 July 2012. Retrieved 27 February 2013.
  5. "Middlesea Group registers €17.31 million profit before tax". The Times of Malta. 12 March 2015. Retrieved 8 February 2015.
  6. https://middlesea.com/news-company-announcements/211.html "Mapfre Middlesea: A new corporate name"
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