Spanish insurance conglomerate Mapfre is to acquire Munich Re’s 19.9 per cent shareholding in Middlesea Insurance plc.

The board of directors of Middlesea Insurance said it had been informed that following the completion of this acquisition, Mapfre would increase its aggregate shareholding in Middlesea to 50.9 per cent of the issued share capital, and will therefore acquire a controlling interest in the company.

The company has also been informed that Bank of Valletta, which currently holds 31 per cent of the issued share capital of the company, has agreed with Mapfre it will not tender its shares under the general offer.

A leading player in the international insurance world, as of December 31, 2010, the total assets managed by Mapfre exceeded €56 billion (€56,471 million), representing a 13.9 per cent increase over 2009, and it has a presence in 43 countries.