Malta's largest insurance provider has assured clients their policies are fully secured, even though the group's investment in an Italian firm has put it severely in the red. Middlesea Insurance Plc's Italian subsidiary contributed to a whopping record loss of €29 million up to the third quarter of the year, completely wiping out the €6 million profit made from all local operations.

This meant a net loss to the group of €22 million.

But MSI executive chairman Mario Grech said the haemorrhage caused by the Italian subsidiary Progress Assicurazioni Spa is over. Mr Grech said he expected considerable changes in figures in 2010, bar any catastrophic event or whether the recession will persist.

Read the story in today's edition of The Sunday Times.

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