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Atlas Insurance PCC Limited, APS Bank plc, GasanMamo Insurance Limited and MaltaPost plc announce that they have entered into an agreement to form a limited liability company for the purpose of carrying out the business of life insurance. The equity of the company shall be held equally amongst the four promoters.
The project has been introduced to the MFSA and the application process is expected to start shortly. Subject to all regulatory authorisations being forthcoming in due course it is anticipated that the new insurance undertaking should become operational in 2020.
Michael Gatt, Atlas Insurance CEO said “We are pleased to have partnered with other leading companies and we are confident that together we will successfully tap into the life insurance market. This is yet another partnership which we believe will further strengthen the Atlas Group in the medium to long term and augurs well for the future of all stakeholders.”
Further announcements about this project will be made in due course.