Hamilton, Bermuda (May 31, 2016) – The Argus Group today announces its intention to acquire Island Insurance Brokers Limited (“Island”), an insurance brokerage firm that provides professional insurance broking and risk management services to individuals and businesses in Malta. The transaction is subject to receipt of all regulatory approvals.
This acquisition is part of Argus’ strategic intent to diversify and expand its global business operations. Adding Island to the Argus Group strengthens its international presence and grows its existing portfolio through additional complementary lines of business. Argus currently owns an insurance agency in Malta, Argus Insurance Agencies Limited.
Whilst Argus currently owns an insurance agency in Malta, Argus Insurance Agencies Limited, it has successfully operated both independent brokerage services and insurance companies in the same jurisdiction for many years. In Gibraltar, Argus owns and operates WestMed Insurance Services Limited, an independent insurance intermediary alongside Argus Insurance Company (Europe) Limited. In addition, Argus has successfully run Centurion Insurance Services Limited, a highly regarded broking business in Bermuda, separately from its two other insurance operations for over 20 years.
Ms. Alison Hill, Chief Executive Officer at the Argus Group, says: “I’m delighted to announce that Argus is acquiring Island and growing its global footprint. The alignment of Island’s client centric culture and service excellence to the Argus brand, ‘Our Interest is You’, make Island a very natural fit for the company.
We are committed to growing our presence in Malta, where we’ve operated since 2010. Malta has great growth potential and many commonalities with to the other jurisdictions in which we operate.”
Mr. Lawrence Pavia, Managing Director of Island, says: “Joining the Argus Group is a big step forward for our company. Its combined scale means that Island will benefit from access to global financial services professionals, technology and resources, including a strong governance and compliance programme, enhanced internal business processes, and best practice procedures that will enhance our client offerings.”
Ms. Hill adds: “Island will operate independently from Argus Insurance Agencies Limited from their current existing location under its existing senior management.”
Island employs 28 people and there will be no redundancies as a result of the acquisition.