|
The Insurance Broking operations of two leading brokers, First Insurance Brokers Limited and United Insurance Brokers Limited, have merged their operations with effect from the 6 April.
To be called FirstUnited Insurance Brokers Limited, this move could herald a number of changes both in the insurance and the financial services market. As a result of the re-structuring of the local economy and the increase in competition, corporate, industrial and individual clients require more help, advice and assistance to professionally manage their insurable risks. This merger will release stronger skills and resources to the benefit of these existing and prospective clients.
FirstUnited combines the strengths of two firms of similar size and culture with a complementary client base and first class quality and work standards and practices. With a combined staff compliment of over thirty insurance professionals and a worldwide insurance broking network, the various services provided to clients will be designed to deliver better value and additional benefits where they are needed.
With Malta’s entry into the EU, it is expected that the number of international companies establishing or acquiring a local market operation will increase. Conversely, Maltese firms themselves are taking advantage of the greater opportunities presenting themselves in the international market. In both instances FirstUnited has the resources to provide local service with an international reach. Their extensive agreements with international insurance broking networks will enable them to provide services to Maltese multinationals operating abroad as well as to international firms operating in Malta. Domestic market operators will also gain significant advantage from these benefits and from the broader, deeper and wider base of resources that the merged operation can deploy.
As part of FirstUnited’s mission to provide clients with the highest professional insurance broking service standards, the company will invest strongly in staff training to ensure it will deliver a professional and personalized service. This training focus will also be supported by an IT development policy designed to deliver greater services and benefits to clients.
The new company’s Chairman will be Salvino Mifsud Bonnici, whilst Peter Grima and Kevin Galea Pace will be the Managing Director and Sales & Marketing Director respectively. FirstUnited will operate from their head office at Villa Eden, 25, Princess Elizabeth Street, Ta’Xbiex, with a branch office at J.F.Kennedy Square, Victoria, Gozo. The merger of the insurance broking operations of the two companies has been approved by the Malta Financial Services Authority.
|
