Middlesea Insurance plc has announced that the third quarter of 2010 has been characterised by a continued positive result emerging from the group’s insurance portfolios and subdued investment returns as a result of the deterioration in the performance of the local equity market.

The performance during the third quarter of the year is in line with the reports issued for the first six months of this year.

The announcement repeated that the company is going through a period of consolidation and reorganisation. It will continue to seek growth in profitability and market share over the coming months, in line with the new strategy of focus on the Maltese market as its main core business.

The first nine months of the year have yielded the desired improved results, and the company is looking forward with cautious optimism in seeking to obtain sustainable results in a market which is cyclical and dependent on the risks associated with the business of insurance.