Island Insurance Brokers acquired by Argus Group

Island Insurance Brokers has announced that regulatory approval has been obtained for all its shareholding to be acquired by Argus Group of Bermuda, and that the deal was completed on 1st July.

Lawrence Pavia, Managing Director and Carmel Cascun, Executive Director, who founded the company in 1989 confirmed that they will continue to lead the company together with their successful management team. The company will continue to operate as an independent professional insurance broker offering insurance advice and risk management services to underwriters, commercial and industrial clients operating in or from Malta.

The new shareholders will soon be increasing the share capital of the company to €1 million. In addition Island will be able to benefit from Argus’s access to global financial services professionals, technology and resources, including a strong governance e and compliance programme, enhanced internal business processes, and best practice procedures that will enhance our service to clients.

“Our ethos of professionalism, independence, loyalty to customers and the market and excellence in whatever we do will remain the guiding principle of Island Insurance Brokers going forward.”