MAPFRE Middlesea plc refers to the Company Announcement issued on 29 May 2015 when it announced that it had reached a preliminary agreement with Allcare Insurance Limited for the transfer of all the rights and obligations relating to the general insurance business in Malta of Allcare Insurance Limited to MAPFRE Middlesea p.l.c. The transfer is subject to regulatory approval. In this respect it is hereby announced that on 3 June 2015 an application was made to the Malta Financial Services Authority (“MFSA”) in accordance with article 33 of the Insurance Business Act (Cap 403 of the laws of Malta) for the approval of the transfer of all the rights and obligations relating to the general insurance business of Allcare Insurance Limited to MAPFRE Middlesea p.l.c, by means of a transfer of business as a going-concern.
This transfer shall not alter the contractual rights and responsibilities of policyholders under policies issued by Allcare Insurance Limited, which policies will be assumed by MAPFRE Middlesea p.l.c. The same applies to any existing and future claims, which will be assumed by MAPFRE Middlesea plc in full respect of the rights of policyholders and third parties.
MAPFRE Middlesea p.l.c. will be operating from its own premises as well as from present business locations of Allcare Insurance Limited. MAPFRE Middlesea p.l.c. and Allcare Insurance Limited trust that holders of insurance policies of Allcare Insurance Limited should find that the transfer of business is carried out in a clear and transparent manner and with full respect and preservation of their rights pursuant to such policies.
Attached herewith is a copy of a Joint Statement being published in local newspapers in accordance with Article 33(2)(a)(i) of the Insurance Business Act (Cap 403 of the laws of Malta).
Further details will be announced in line with the Listing Rules when the final agreement is signed.
By Order of the Board