On 8 November Middlesea Insurance plc issued its Interim Statement updating the market on the Group’s performance during the third quarter of their financial year from 1 July to 30 September 2011.
Middlesea reported a subdued but positive result for the third quarter as the positive performance across all insurance portfolios compensated for the negative returns achieved from their investment portfolios arising from the challenging conditions across both the local and global equity markets.
Middlesea also revealed that as at 30 September 2011 its statutory solvency ratio of 317% is well ahead of the regulatory requirement of 150%.
Middlesea also explained that it continues to face challenging operating conditions from the highly competitive insurance sector as well as the volatility being seen across global financial markets. Middlesea is seeking to address these challenges through the expansion of local business by launching new and innovative products.
The Interim Statement also made reference to the various Company Announcements issued during the year in relation to the change in shareholding. Following the mandatory offer that took place, the shareholding of MAPFRE Internacional S.A increased to 54.56%.