Allcare establishes insurance company
Allcare Insurance of Msida is the newest company to join the local insurance sector after being authorised by the Malta Financial Services Authority to transact all classes of non-life insurance business from last January 1.
It is the first licence to be granted to a company to underwrite general business in the local market since 2004.
The new insurer comes from a group which includes Allcare Insurance Agency Limited – the firm has been operating for more than 25 years. Allcare Insurance Limited has the same shareholders of Allcare Insurance Agency Limited.
They are La Laguna Limited, Global Management Services Limited and Tumas Group Company Limited.
“It was a natural progression for our business,” Allcare Insurance Limited chairman Eric Schembri said this week.
“This move will allow us to continue to build on our strengths and provides us with more control over our own destiny.”
Allcare Insurance will offer a range of products including motor, home, travel, health, and pleasure craft insurance cover.
The company will also cater for business, commercial, industrial and professional insurance requirements.
The company management team has been strengthened.
Judith Galea, previously chief executive officer of Allcare Insurance Agency Limited has been appointed Allcare Insurance Limited’s CEO.
Ramon Mizzi has been named group head, David Mallia chief finance officer and Joe Avellino technical director. Simon Schembri has been appointed director of corporate service and compliance officer.