Malta could become the “Bermuda of the Mediterranean” for insurance companies, the head of the subsidiary of a Bermuda-based firm said yesterday.

Mark Peeters, CEO of ArgoGlobal SE, which opened an office in Malta two years ago, said: “We were the first property/casualty insurance company to obtain an Societas Europaea licence from the Malta Financial Services Authority but we hope that we will act as a trailblazer encouraging others.

“It would be great to look back in four of five years’ time and see several other property casualty insurance companies here.”

Mr Peeters was speaking in the Times of Malta.

ArgoGlobal SE is the European arm of Argo Group, which moved to Bermuda in 2008 from its original base in the US.

The firm last year had gross written premiums of around $1.7 billion and a total of 1,300 employees.

The Times of Malta said that Argo Group looked at several jurisdictions when it decided to expand its operations into Europe.

Argo picked Malta because it has an English-speaking population and the Malta Financial Services Authority (MFSA) has a good reputation internationally.

The Maltese branch operates in Europe, mostly Germany, Austria, France, the UK and the non-EU Switzerland, which required a licence from Swiss regulators.

The Malta operation currently employs four people — but it takes in millions of euros in premiums and provides work for local law and accountancy firms.

It specialises in professional liability coverage.

Mr Peeters said he expected turnover to double this year, with around 70 percent of the firm’s business being new.

He added: “We are also considering other products, which would of course require MFSA approval. Who knows when the right opportunity will come along.”