The Board of Directors of Middlesea Insurance announced this week that it been informed by executive chairman Mario C. Grech that, after careful consideration and following the expiration of his contract on 31 December, he will not be renewing his position with the company.

Mr Grech said, “I retire from Middlesea with nothing but goodwill for the group and its future.”

Subject to regulatory approval, the Middlesea Board of Directors has appointed Joseph F.X. Zahra as (non-executive) chairman designate of the board. Mr Grech said that he would do his utmost to ensure a smooth transition. The board was also informed that he would remain available to assist in an advisory capacity as may be mutually agreed in the future.

The Board of Directors thanked Mr Grech for his 25 years of outstanding service to the Middlesea Group. It was noted that Mario Grech was instrumental in building up Middlesea into Malta’s leading insurance group, his name becoming synonymous with the business, education and training of insurance in Malta.

The board, together with the shareholders, management and staff of Middlesea expressed its sincere thanks, appreciation and good wishes to Mr Grech in his future endeavours.

Mr Grech concluded by thanking all those who supported him throughout his 25 years with the Middlesea Group and augured success to Mr Zahra, as the incoming chairman.

The board also announced that an extraordinary general meeting would be convened in early 2010 to propose further amendments to the company’s Memorandum and Articles of Association to better reflect the resulting shareholding structure and to implement certain changes in the governance of the group.