Argus Group, a multi-line insurance and financial services organisation, has acquired Island Insurance Brokers, an insurance brokerage firm that provides professional insurance broking and risk management services to individuals and businesses in Malta.
The acquisition is part of Argus’ strategic intent to diversify and expand its global business operations. It strengthens Argus’ international presence and grows its existing portfolio through additional complementary lines of business, according to the firm.
Argus currently owns an insurance agency in Malta, Argus Insurance Agencies.
Island employs 28 people and there will be no redundancies as a result of the acquisition.
Alison Hill, chief executive officer (CEO), Argus, said: “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.”
Lawrence Pavia, managing director of Island, added: “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.”
Hill commented: “Island will operate independently from Argus Insurance Agencies Limited from their current existing location under its existing senior management.”
Argus Group, Island Insurance Brokers, M&A, Malta, Europe, Bermuda, Insurance, Alison Hill, Lawrence Pavia