Mapfre buys Munich Re Middlesea stake

- Leigh Jackson
- 03 May 2011
- Indicative reading time: 1 minute

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Spanish insurer Mapfre has purchased Munich Re’s 19.9% shareholding in Maltese firm Middlesea Insurance.

The buy-out brings Mapfre's stake in Middlesea to 50.98% making it the majority shareholder. Middlesea will remain listed on the Maltese stock exchange.

Middlesea has a market share of 25% of the non-life insurance sector in Malta and has a premium income of €35m (£31.3m).

In addition, Mapfre has agreed to sell life insurance products via the Bank of Valletta. The bank shares a 50% stake in Maltese life insurer MSV Life with Middlesea.

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