On 17 May, Middlesea Insurance plc published its Interim Statement covering the first quarter of 2011. The Directors stated that during the period under review, Middlesea experienced a further positive technical result from the Group’s insurance portfolios. Nonetheless, the subdued performance on the Malta Stock Exchange adversely impacted the Group’s final profits when compared to the first quarter of last year.
Middlesea also reported that its statutory solvency continued to improve reaching 370% which is well above the regulatory requirement of 150%.
The Directors reiterated their intention to focus the operations of Middlesea Insurance plc in Malta. Given the positive results yielded during the first three months of 2011, the Company is looking with cautious optimism in seeking to obtain sustainable results in a market which is cyclical and carries inherent risks related to the business of insurance. Moreover the Directors noted that Middlesea operates in a highly competitive and challenging environment.
In conclusion, the Directors noted that the proposed change in shareholding as announced on 29 April is still subject to regulatory approval. Further details on Mapfre Internacional’s acquisition of Munich Re’s 19.9% shareholding is available here.