The Argus Group announced plans to add FirstUnited Insurance Brokers Ltd in Malta to its collection of island companies.

A spokesman for the company said that for many years Argus has successfully operated independent brokerage and insurance companies in Bermuda, Gibraltar and most recently in Malta, inclusive of Argus Insurance Agencies Limited and Island Insurance Brokers Ltd.

“This latest acquisition is very much part of Argus’ strategic intent to diversify and expand its global business operations outside of Bermuda,” said the spokesman. “Adding FirstUnited to the Argus Group strengthens its international presence and expands its existing broking capabilities in the Maltese market.”

Argus chief executive officer Alison Hill was delighted to announce plans for the acquisition, which would broaden their global footprint.

“The market leading reputation of FirstUnited’s client centric culture, technical and employee benefits expertise and service excellence align very strongly to the Argus brand, making FirstUnited a very natural fit with the Argus Group,” she said. “The Argus Group management and board recognise that Malta has a proven track record of strong economic development, has exciting market growth potential and many commonalities with the other jurisdictions in which we operate. We are excited and committed to growing our presence in Malta, where we have operated since 2010 and the acquisition of FirstUnited is a significant step in that direction.”

Salvino Mifsud Bonnici, chairman of FirstUnited, said joining Argus was a positive step for his company.

“The size of Argus means that FirstUnited will benefit from access to global financial services professionals, technology and resources, including a strong regulatory, governance and compliance regime, enhanced internal business processes and best practice procedures that will improve our client offerings,” he said.

Ms Hill said Argus valued the contribution that FirstUnited will bring to the group.

Under the terms of the acquisition, FirstUnited will retain its name and continue to operate independently from other Malta-based businesses within the Argus Group. FirstUnited senior management will continue to lead the company, operate from their existing office location and retain the FirstUnited brand. FirstUnited employs 25 people and there are no planned redundancies as a result of the acquisition.

The transaction is subject to receipt of all regulatory approvals.