Log In

Reset Password

Argus set to buy Maltese broker

Bermudian insurance firm Argus aims to acquire a Maltese broker in a bid to diversify and expand its global reach.

Alison Hill, chief executive officer of Argus, said the firm is to acquire Island Insurance Brokers on the Mediterranean island.

Ms Hill added: “The alignment of Island's client-centric culture and service excellence to the Argus brand, ‘our interest is you', makes Island a very natural fit for the company.”

Lawrence Pavia, managing director of Island, said: “Joining the Argus Group is a big step forward for our company.

“Its combined scale means that Island will benefit from access to global financial services professionals, technology and resources, including a strong governance and compliance programme, enhanced internal business processes and best practice procedures that will enhance our client offerings.”

Ms Hill said Island would continue to operate independently and under its current management from the Bermuda firm's existing Malta subsidiary, Argus Insurance Agencies.

A company statement said: “Adding Island to the Argus Group strengthens its international presence and grows its existing portfolio through additional complementary lines of business.”

The statement added: “Argus has successfully operated both independent brokerage services and insurance companies in the same jurisdiction for many years.

“In Gibraltar, Argus owns and operates WestMed Insurance Services Ltd, an independent insurance intermediary, alongside Argus Insurance Company (Europe) Ltd.

“In addition, Argus has successfully run Centurion Insurance Services Ltd, a highly regarded broking business in Bermuda, separately from its two other insurance operations, for more than 20 years.”

The Maltese Island Insurance Brokers employs a total of 28 people, with all of them expected to be retained under the new ownership.

It's a deal: pictured from left are Lawrence Pavia, managing director, Island Insurance Brokers; Alison Hill, CEO, the Argus Group; and Carmel  Cascun, executive director, Island Insurance Brokers

You must be Registered or to post comment or to vote.

Published May 31, 2016 at 3:14 pm (Updated May 31, 2016 at 3:14 pm)

Argus set to buy Maltese broker

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon