More appointments at Middlesea Insurance

Anne Marie Tabone has been appointed Chief Operations Officer at Middlesea Insurance p.l.c. and will retain her role as Chief Financial Officer, the company said today.

David G. Curmi is to retain his role as Chief Executive Officer of Middlesea Valletta Life Assurance Co. Ltd and of its subsidiary Growth Investments Ltd.

Elizabeth Carbonaro has been appointed General Manager, International Insurance Management Services Ltd. She is currently Chief Officer - Group Finance.

Middlesea last week announced the appointment of Joseph F. X. Zahra as non-executive Chairman after executive chairman Mario Grech informed the board he would not renew his contract.

In December, the group launched a €40.2 million rights issue to boost its capitalisaton after suffering "unprecedented strain" from the results of its Italian subsidiary Progress Assicurazioni SpA. The company made a loss of €29 million up to the third quarter of the year.

Middlesea Insurance plc's books are this year projected to be hit by the €21 million cost of right-sizing the loss-making Italian operation.

The new appointments are subject to regulatory approval.