The Malta Financial Services Authority has granted a licence to GasanMamo Insurance Limited for general insurance.

This is the result of the transformation of GasanMamo Insurance Agency Ltd into an underwriting insurer.

Moves on this started some time ago, following an agreement with AVIVA plc, parent company of CGU Insurance plc and the world's seventh largest insurance group.

AVIVA retain a financial interest in GasanMamo Insurance Ltd that will continue until the end of 2004. GasanMamo Insurance will also remain closely linked to AVIVA in respect of reinsurance requirements and transfer of knowledge.

The board of directors of the company has also been expanded as follows: Joseph Gasan, chairman; Albert Mamo, managing director; Joseph Grech; Julian Mamo, Roderick Chalmers; and Baudouin Deschamps.

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