Insurance firm stops Med. operations

Ecclesiastical Insurance Office plc, which SMS Insurance has represented for 18 years, will stop operations in the Mediterranean in order to focus on its core business of covering churches.

The company will cease writing new business in Malta, Cyprus and Greece from July 1.

SMS Insurance managing director Simon Mifsud said that in view of the move his company sought to secure new carriers for its business.

For motor insurance it has secured the support of QBE 1886, a Lloyds Syndicate, managed and capitalised by QBE International, which is one of the largest insurers worldwide.

An agreement was secured with Catlin Insurance Company for property and household insurance. Catlin is among the world leaders in the industry, SMS said.

Faraday Reinsurance Company Ltd has been signed on to take the liability segments of SMS Insurance's portfolio. Faraday is the only AAA rated insurance worldwide, SMS said.

Personal accident and travel insurance will be underwritten by Lloyds, through Gerling Syndicate, while marine insurance will be dealt with by the German insurance company Wurtt, allowing SMS Insurance to return to writing marine business.