Martin Galea has been appointed chairman of Middlesea Insurance, taking over from Joseph F.X. Zahra.
The appointment was made at a board meeting after the annual general meeting on Friday.
In his address to the AGM, Mr Zahra described the company’s financial results for 2011 as satisfactory, when considered in the context of the global and national economic situation. “For the second year running, following challenging years in 2008 and 2009, we registered profits and an increase in technical income from core operations,” he stated.
Middlesea registered a profit before tax of €1.75 million in 2011 compared to €8.86 million registered in 2010. The Middlesea Group reported a profit before tax of €3.1 million in comparison to €6.44million registered in 2010. Technical results improved from €4.3m in 2010 to €6.5m in 2011. He explained that the company was unable to reach the profit levels achieved in 2010 due to the overall unfavourable capital market performance, which had an adverse effect on the investment income side.
Mr Zahra spoke about the strategy adopted by Middlesea Insurance during 2011, during which, for the second year running the focus was on consolidating the fundamentals of the group companies, mainly by de-risking the company from the risks of its ventures abroad and by focusing on the local market in order to improve on its position as market leader. He stressed the need to maintain ambitious objectives aimed at improving the products and services offered to clients which will result in added value for the shareholders.
During the meeting, the shareholders approved with a strong vote a resolution to declare a final gross dividend of €0.01c per share as recommended by the Board of Directors. This resolution was described as a kept promise by Mr Zahra. “The restructuring of the company’s issued share capital and profit loss account in 2011, has restored Middlesea’s ability to declare a dividend following the profit registered during the year” he stated. All other resolutions presented during the AGM were approved.
Mr Zahra underlined the increase in shareholding of MAPFRE Internacional in Middlesea during 2011. MAPFRE now has 54.56% of the company’s shareholding, by virtue of which Middlesea has become a member of the MAPFRE Group.
Mr Zahra stated that as was originally planned and agreed after two years at the helm of Middlesea Insurance p.l.c., an experience which he described as “fulfilling and enriching”, he was stepping down as chairman but still participating as an active member on the Board of Directors.
Martin Galea was appointed as chairman of the board of directors of Middlesea Insurance p.l.c. at the Board Meeting convened immediately after the annual general meeting.
The AGM was also addressed, by Alfredo Muñoz Perez, the new President and CEO of Middlesea Insurance.
He described year 2011 as a year of consolidation. In line with the company’s strategic aim of focusing on the local market, he stated that the company will be launching new and enhanced products aimed at giving clients a more comprehensive service, providing increasing support to the company’s distribution channels and gaining better visibility in the market. To this aim, Mr Muñoz Perez revealed that the company shall be revamping its corporate image in the coming days.
“The new corporate identity will underline that Middlesea is an entity with reinforced energy and optimism, able to provide the highest level of service in the market. A company that proudly accepts its long and successful history but one that is also ready to change its way of operating in order to face the market requirements in the coming years.”