GasanMamo applying to open insurance firm

GasanMamo Insurance Agency is applying to the Malta Financial Services Authority to set up an insurance company.

CGU Insurance recently published the notice of transfer of business of general insurance as part of the application process leading to the granting of a licence to GasanMamo Insurance Ltd to operate as an insurance company to carry on general insurance business.

On the transfer date, all the rights and obligations, including claims and liabilities of CGU Insurance with respect to policies of insurance written by CGU Insurance in Malta up to that date, will be transferred to GasanMamo Insurance Ltd.

Upon MFSA approval of the application, the board of directors of the new company will take office, consisting of Joseph Gasan (chairman), Albert Mamo (managing director), Baudouin Deschamps, Joseph Grech, Roderick Chalmers and Julian Mamo.

GasanMamo Insurance Ltd will maintain a link with financial group Aviva. For the first two years of operation Aviva Group, through one of its subsidiaries, will have a shareholding interest in the company and will provide technical support at various levels, including the appointment of a director, Mr Deschamps.