Mapfre acquires controlling stake in Middlesea Insurance

Mapfre Internacional S.A. completed the proposed transaction to increase its shareholding in Middlesea Insurance plc from 31.08 per cent to 50.98 per cent and has acquired the shares held by Munich Re.

It has now acquired a controlling interest in the company.

In June, Middlesea’s board had announced that the Malta Financial Services Authority had granted approval to Mapfre to increase its shareholding.

Following the acquisition of a controlling interest, Mapfre is required by listing rules to make a mandatory offer to all the other shareholders of Middlesea.

Last Thursday, Mapfre Internacional registered a net result of €543.2 million in the first half of the year, up 8.6 per cent over the same period last year.

The company attributed the result to the “extraordinary” growth of results in international business and the excellent performance of businesses in Spain where, excluding capital gains and extraordinary expenses, net results grew by 16.8 per cent.

The net results of the group’s insurance business increased 11.3 per cent to €630.1 million. The excellent trend in the loss experience mitigated the impact of the earthquakes in Japan and New Zealand.