Second vice-president leaves Middlesea Insurance

Middlesea Insurance plc’s senior management has seen the departure of its second vice-president in a few weeks, with the resignation of Chris Borg, vice-president, corporate services, effective today.

Mr Borg’s resignation follows that of Anne Marie Tabone, vice-president, operations, whose resignation was similarly announced in a company statement on the Malta Stock Exchange on May 2.

Mr Borg and Ms Tabone were appointed to their latest posts in October. Mr Borg, who joined Middlesea in 2004 and set up its internal audit function, was previously personal assistant to the chairman and chief officer, chairman’s office. Ms Tabone held various roles in 10 years with the group, among which chief operations officer and chief financial officer, with responsibility for Middlesea’s insurance management arm.

According to the company announcements, heads of department and chief officers who previously reported to the vice-presidents will now report directly to the president and chief executive officer Alfredo Munoz Perez.

Middlesea Insurance also announced the resignation of another key official, chief officer for human resources Fleur Farrugia, in January.

Both chartered accountants, Mr Borg and Ms Tabone were on the team who supported former chairman Joseph F.X. Zahra tasked in 2010 with turning Middlesea’s fortunes around. The company was dusting itself off after its misadventure involving its Italian loss-making subsidiary led to a €40 million rights issue the previous year. Martin Galea took over the chairmanship of Middlesea in April after Mr Zahra’s two-year term ended.

Earlier this month, Mr Borg, a warranted auditor, was named chairman of The Malta Forum for Internal Auditors, which he founded with Eugenio Privitelli in 2007. He has pledged to work to see the forum become even more supportive of fellow professionals.

Ms Tabone is described by peers to be on “a sabbatical” and was recently appointed director on the board of Malita Investments plc, the investment holding company 70 per cent owned by the government. The company is mandated to acquire, develop and manage strategic national assets.

Middlesea is a member of Spanish insurance group Mapfre Internacional, which last October increased its shareholding in the Floriana-headquartered company to 54.56 per cent. It registered a profit before tax of €1.75 million in 2011 compared to €8.86 million registered in 2010, as the unfavourable capital market performance adversely affected investment income.

Middlesea’s board is scheduled to meet to consider and approve the interim financial statements to June 30 on Monday.

The company told The Times Business it would comment at a later stage.