Mapfre Middlesea plc (stylized as MAPFRE; previously Middlesea Insurance) is a Maltese

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

company headquartered in

Floriana Floriana ( mt, Il-Furjana or ''Il-Floriana''), also known by its title Borgo Vilhena, is a fortified town in the South Eastern Region area of Malta, just outside the capital city Valletta. It has a population of 2,205 as of March 2014. Floriana i ...

. It is a subsidiary of the

Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many Latin American countries **Spanish cuisine Other places * Spanish, Ontario, Cana ...

multinational insurance company

MAPFRE Mapfre, S.A. (, officially typeset MAPFRE) is a Spanish multinational insurance company, based in Majadahonda, Madrid. The name comes from the old mutual origin of the company (''Mutualidad de la Agrupación de Propietarios de Fincas Rústicas ...

History

Middlesea Insurance registered in 1981 as the first insurance company transacting general business in Malta. The company added

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

to its offerings in 1983. In 1994, it became the first local insurance company to be listed on the

Malta Stock Exchange The Malta Stock Exchange ( mt, Borża ta' Malta), originally known as the Casino della Borsa, is the stock exchange of the island nation of Malta. Since being set up in 1992, the Exchange has been key to the raising of capital for the private sec ...

, 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 Bank of Valletta plc (BOV) is a Maltese bank and financial services company headquartered in Santa Venera. It is the oldest established financial services provider in Malta and one of the largest. As of 2014, the bank had 44 branches, 6 region ...

. 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 ) , anthem = " God Save the King" , song = " Gibraltar Anthem" , image_map = Gibraltar location in Europe.svg , map_alt = Location of Gibraltar in Europe , map_caption = United Kingdom shown in pale green , mapsize = , image_map2 = Gib ...

. 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. In 2011, Mapfre Internacional S.A. finalised the arrangements which led to its acquisition of

Munich Re Munich Re Group or Munich Reinsurance Company (german: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a German multinational insurance company based in Munich, Germany. It is one of the world's leading reinsurers. ERGO, a Muni ...

's 19.99% shareholding in Middlesea. 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. Middlesea announced a group before-tax profit of €17.31 million for the year ending 2014. In May 2015, Middlesea Insurance rebranded as MAPFRE Middlesea. In July 2020, the company celebrated 40th anniversary. In January 2022, MAPFRE Middlesea signed an agreement with The Malta Trust Foundation to support the Villa Bianca project, an art space for children and young people.

References

{{Reflist Financial services companies established in 1981 Insurance companies of Malta Companies listed on the Malta Stock Exchange 1981 establishments in Malta 2011 mergers and acquisitions