Middlesea Group has announced that following a restructuring exercise, a number of changes in the senior echelon of management have become effective.

Mr Mario C. Grech, previously Chairman and CEO, has been appointed Executive Chairman of Middlesea Insurance p.l.c., and Chairman of the Group’s Executive Committee.  As Executive Chairman he has assumed a more strategic and focused role through the Group Executive Committee concentrating on business development, reinsurance, finance, investments and overall coordination.  Mr Grech shall continue to be responsible for Middlesea Insurance p.l.c., where he will be assisted by Mr Joseph M. Rizzo, Chief Operations Officer.

Mr Joseph Rizzo ACII, AIMIS, AMIAP, has been appointed Chief Operating Officer (COO) of Middlesea Insurance p.l.c.  Mr Rizzo has been with the company since 1982 and until recently occupied the post of General Manager.  He is a director of Growth Investments Ltd, Euroglobe Holdings Ltd, International Insurance Management Services Ltd and chairman of MSB Valletta Co.  Mr Rizzo also serves as a member of the Executive Board of the Malta International Training Centre and is also a Council member of the Malta Insurance Association.

Mr Stephen Gauci ACII has been appointed Chief Executive Officer (CEO) of Progress Assicurazioni SpA.  Mr Gauci has been with the Middlesea Group since 1983, other than for a period of 6 months in 1988.  He has held a number of key senior executive positions in the Group, the most recent being that of General Manager of Progress Assicurazioni SpA.  He is also a director of International Insurance Management Services Ltd.

Mr David G. Curmi ACII, has been appointed Chief Executive Officer of Middlesea Valletta Life Assurance Co. Ltd (MSV).  Mr. Curmi started his career in the insurance industry twenty eight years ago during which time he has held various senior executive positions with a number of insurance operators in the Maltese market.  Until recently he occupied the post of General Manager of Middlesea Valletta Life Assurance Co. Ltd.  He is also the CEO and a Director of Growth Investments Ltd, a wholly-owned subsidiary of MSV.  Mr Curmi is also President of the Council of the Malta Insurance Association.

Ms Anne Marie Tabone BA (Hons) Accty, FIA, CPA has been appointed Chief Financial Officer (CFO) of the Middlesea Group.  Ms Tabone joined the Group in 1986.  She has held a number of key senior executive positions within the Group, the most recent being that of General Manager of International Insurance Management Services Ltd which is a wholly owned subsidiary of Middlesea Insurance p.l.c., which role she will retain. 

Ms Marzena Formosa MA (Econ), MA (Fin. Ser.) has been appointed Chief Officer (Group Investments), Ms Elizabeth Carbonaro FCCA, FIA, CPA has been appointed Chief Officer (Group Finance) and Bernard Fenech MBA (Grenoble), MIMIS, MIAP has been appointed Chief Officer (Group I.T.).

A further review of the top management structure of the Group would be undertaken within two or three years.

Mr Grech said:

“These senior appointments will ensure a smooth transition for the future development of all the companies within the Middlesea Group.  These changes, which fall in line with Middlesea Group’s strategy, should ensure that an adequate breadth and depth of management skills remain available; this would empower the management team to further develop the Group both in Malta and more importantly, overseas”.

Mr Grech wished all the appointees further success in their future career within the Group thus enhancing the creation of wealth for the benefit of all stakeholders.

Middlesea Insurance p.l.c. is a company authorised under the Insurance Business Act, 1998 to carry on both Long Term and General Business. COM260106A