Argus Group is to acquire FirstUnited Insurance Brokers in a bid to diversify and expand its global business operations outside of Bermuda.
FirstUnited offers insurance broker, financial advice, insurance management and risk consultant services.
One of the firm’s specialisms is retirement planning.
It is regulated by the Malta Financial Services Authority and the is still subject to approval.
The firm’s chairman, Salvino Bonnici, said that joining Argus is “a very positive step for our company”.
Toehold in Malta
In addition to life and health cover, Argus also offers pensions & investments and wealth management services, among others.
It was founded in Bermuda and set up a presence in Gibraltar in 2004 with the acquisition of Norwich Union International Insurance Company.
Argus entered the Maltese market in 2010, when it bought what is now Argus Insurance Agencies. Six years later, the insurer picked up local firm Island Insurance Brokers.
No redundancies
Alison Hill, chief executive, The Argus Group, said: “Under the terms of the acquisition, FirstUnited will retain its name and continue to operate independently from other Malta-based businesses within the Argus Group.
“FirstUnited senior management will continue to lead the company, operate from their existing office location and retain the FirstUnited brand. FirstUnited employs 25 people and there are no planned redundancies as a result of the acquisition.”
