Argus Group Holdings Ltd is expanding its Malta operations with the acquisition of the client portfolio of Millennium Insurance Agency Ltd.

The Bermuda-based insurer announced the deal yesterday, saying it was “in keeping with Argus’ commitment to seek further opportunities for global expansion”.

Argus said the purchase of Millennium’s client relationships would allow Argus Insurance Agencies Ltd (AIAL) in Malta to further strengthen its existing commercial customer base, while growing its existing portfolio through new and complementary lines of business.

Alison Hill, chief executive officer of the Argus Group, commented: “We’re excited about the opportunity to expand our footprint in Europe and to strengthen our relationships with our Maltese colleagues and clients. With this acquisition, AIAL continues to leverage the technical talent and industry knowledge of a global financial services organisation with total assets of $2.1 billion.

“It builds our business scale in Malta and allows us to establish new benchmarks, to leverage the strengths of the Argus Group’s global network and to consistently deliver valuable insurance solutions and customer service excellence to our clients.”

AIAL was rebranded from Fogg Insurance Agencies Ltd on June 5, 2014. It is a prominent player in the Maltese insurance market.