The Upper Barrakka recently served as the ideal venue for Middlesea Insurance plc to host its 25th Anniversary reception

Clients, agents, intermediaries and business associates under the distinguished patronage of the Prime Minister

Dr Lawrence Gonzi recently celebrated a successful quarter of a century with the historic Grand Harbour as a backdrop. After welcoming the Prime Minister and guests, in a 'short' address, Mario C. Grech, Chairman of Middlesea, relived the evolution of Middlesea by visiting major milestones. Established in 1981 with the role of recipient of the reinsurance legal cession, Middlesea also helped Government improve the balance of payments. Long-term growth in the international reinsurance market was achieved when the company upgraded its London contact office to a branch office in 1987. Middlesea's commitment to education, training and career development manifested itself in 1982 with the establishment of the Malta International Training Centre, which was instrumental in the training of many Maltese working in senior positions within the insurance sector.

To support Malta's ambitions of becoming an international financial centre, Middlesea established International Insurance Management Services Ltd in 1991 to act as an insurance manager specialising in captive formation and risk management, offering administrative and other management services to insurance, reinsurance and affiliated insurance companies operating in and more importantly 'from' Malta.

The year 1994 saw Parliament unanimously pass a package of financial services legislation. Middlesea along with Bank of Valletta p.l.c. and the Munich Reinsurance Company set up the pioneering bancassurance operation 'Middlesea Valletta Life Assurance Co. Ltd'. Furthermore, Middlesea was the first non-banking financial institution to list on the Malta Stock Exchange. The orderly restructuring of the shareholding then followed.

In 2000, Middlesea Group acquired Progress Assicurazioni SpA, a company operating in Sicily with the aim of penetrating the Italian market and concentrating on Southern Italy and Sardinia.

Mr Grech augured that the next 25 years should also be successful because of new entrants bringing with them fresh ideas and a resolve to meet the challenges and opportunities that the Euro-Med region presented, balanced with a dose of prudence. Mr Grech ended by thanking the previous Managing Director, Mr Philip A. Long and his predecessors

Mr Albert Mizzi, Mr Sonny Borg and Mr Justice Giannino Caruana Demajo. He also thanked the present and past Chairmen of Bank of Valletta plc who were so committed to supporting the strategic alliance that was struck. Thanks were also extended to foreign shareholders Assicuarzioni Generali SpA, Munich Reinsurance Co. and Corporacion Mapfre for their unstinting support. He also thanked Management and Staff who worked as a team to create the results that benefited the company's' shareholders and customers.

Dr Gonzi congratulated Middlesea Insurance plc for its 25 years of success. After having looked at the growth of the Company as well as the results posted in 2005, it was evident that there were two elements that had provided the necessary impetus for the company to succeed, especially after Malta acceded to the European Union.

The Company was able to respond to change and did not hesitate to embrace the challenges and opportunities offered by change. The Board, executive and staff rose to the occasion and served as an example for the nation in responding to change. Various people who may have felt that entering foreign markets was the correct way forward no doubt expressed scepticism.

Investment in the human resource was another key element to success. The Company established high professional standards and it was the foresight, vision and strategy of the Board that helped in achieving the success story. This was an occasion that gave a sense of pride and underscored that Malta's greatest asset was the Maltese themselves.

He concluded by extending his thanks to all those who have contributed to making Middlesea Insurance plc a success.

Mr Grech presented the Prime Minister with a memento to mark the occasion.