allcare acquisition

Acquisition of Allcare’s insurance business portfolio

MAPFRE Middlesea p.l.c. entered into a Sale of Business Agreement with Allcare Insurance Limited, on the 24 July 2015, whereby Allcare agreed to transfer and sell to MAPFRE Middlesea its economic activity constituting a business as a going concern operated on a stand-alone basis. Completion of the transaction is to take place on the 31 July 2015. With effect from this date, Allcare is to cease carrying on general business of insurance in or from Malta.

In terms of this business transfer and subject to the terms, representations, warranties and undertakings set out in the Sale of Business Agreement, the general business of insurance in Malta conducted by Allcare, its employees and the intellectual property rights and software owned by or licensed to Allcare are being acquired by MAPFRE Middlesea on a going concern basis.

Furthermore, MAPFRE Middlesea is assuming, by way of novation, Allcare’s rights and obligations arising from contracts entered into by Allcare with third party suppliers, service providers, reinsurers and local statutory bodies in relation to the Allcare Business.

Through the acquisition of the Allcare Business, Mapfre Middlesea aims to enhance its portfolio of general insurance business, particularly in the Motor, Property and Health classes of business.

For Allcare client’s convenience, but for a limited period of time, MAPFRE Middlesea are keeping the Msida office open. Clients are asked to contact MAPFRE Middlesea offices should they require any assistance or clarification. They may call at any of their Regional Offices or at any of their authorised intermediaries.

MAPFRE Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, 1998.