Bermuda-based The Argus Group has agreed to acquire FirstUnited Insurance Brokers, an insurance broker based in Malta, for an undisclosed price.
FirstUnited Insurance caters to residential and non-residential clients in the commercial and industrial sector in Malta. The insurance brokerage firm focuses on providing solutions for multi-national risks, manufacturing, engineering, marine and transportation, retirement planning and government risks.
FirstUnited Insurance chairman Salvino Mifsud Bonnici said: “Joining the Argus Group is a positive step for our company. The size of Argus means that FirstUnited will benefit from access to global financial services professionals, technology and resources, including a strong regulatory, governance and compliance regime, enhanced internal business processes and best practice procedures that will improve our client offerings.”
Argus has been operating independent brokerage and insurance companies in Bermuda and Gibraltar for many years. In Malta, the group has been operating through Argus Insurance Agencies and Island Insurance Brokers.
The insurance group said that the acquisition of FirstUnited Insurance is part of its strategy to diversify and grow its global business operations beyond Bermuda. Furthermore, the acquisition of the Malta-based firm is expected to bolster its international footprint and expand its existing broking capabilities in the Maltese insurance market, said Argus.
Argus Group CEO Alison Hill said: “The market leading reputation of FirstUnited’s client centric culture, technical and employee benefits expertise and service excellence align very strongly to the Argus brand, making FirstUnited a very natural fit with the Argus Group.
“The Argus Group Management and Board recognise that Malta has a proven track record of strong economic development, has exciting market growth potential and many commonalities with the other jurisdictions in which we operate.”
The closing of the transaction will be subject to regulatory approvals.
Post-acquisition, FirstUnited Insurance will retain its name and brand, and continue to operate from the existing office location as a standalone firm from other Maltese businesses within the Argus. The company’s senior management will continue to lead the business and all the employees will be retained by Argus.