Bermuda-based multi-line insurance company Argus Group has agreed to acquire FirstUnited Insurance Brokers, a provider of insurance broking services to individuals and businesses in Malta.
The acquisition is part of Argus Group's strategy to expand its business operations outside of Bermuda.
Argus Group’s geographic diversification has increased over the last several years, with a growing presence in both Malta and Gibraltar.
"I’m delighted to announce that Argus is acquiring FirstUnited to help broaden our global footprint. 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," said Alison Hill, CEO of Argus Group.
Hill added: “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. We are excited and committed to growing our presence in Malta, where we have operated since 2010 and the acquisition of FirstUnited is a significant step in that direction.”
Salvino Mifsud Bonnici, chairman of FirstUnited, commented: "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."