Mapfre Middlesea plc - Interim Directors’ Statement

On 18 November, Middlesea Insurance plc published its Interim Directors’ Statement covering the third quarter of 2010. The performance of the Group during the period under review was in line with the positive performance reported in the first half of 2010 following the closure of the Group’s Italian subsidiary Progress Assicurazioni S.p.A. During the first six months of 2010 the Middlesea Group registered a pre-tax profit of €3.4 million.

The Directors explained that this was achieved due to the positive results from its insurance activities which offset the subdued investment returns in line with the decline in the local equity market.

Middlesea Insurance plc is going through a period of consolidation and reorganisation to seek further growth in profitability and market share in its main market – Malta.

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