Tapping the European market
With the rationale of tapping the European insurance market, in the year 2000, Middlesea Insurance p.l.c. purchased 51 % of the share capital of Mapfre Progress S.p.A. of Palermo, later renamed Progress Assicurazioni S.p.A.

A very recent development was an agreement signed with Corporacion Mapfre S.A. , the leading Spanish life and non-life insurance group and Middlesea for Middlesea's aquisition of their 38.97% holding in Progress Assicurazioni S.p.A., a company registered in Italy with its Head Office in Sicily. To date this company is operating in the southern Italian market. Middlesea Insurance p.l.c now holds 89.97% shareholding in the Italian company with Middlesea Valletta Life Assurance Company Limited holding an additional 10% ; the balance is held by individuals.

Vast Network
Progress Assicurazioni S.p.A., boasts a vast network spanning Southern Italy and Sicily. With its head-office in Palermo, its 114 agents operate in Lazio, Puglia, Calabria, Campagnia, Sardegna and Sicily.

Company Growth
The Company is currently witnessing substantial growth in its premium volumes and a significant increase in profitability. Its agency network is fast increasing to meet Progress's  objective of widening its scope. Over 60% of its agents are based on the Italian mainland. Progress further enhanced its distribution channels following the signing of an agreement with an Italian bank in 2002.

Fast Developing Portfolio
It is fast developing its product portfolio especially in its non-motor lines of business. In 2002, new products in the personal accident and fire classes were introduced in the market with the rationale of further tapping the booming Italian tourism sector, Progress added a restaurateurs policy to its previously launched hoteliers policy.

Progress offers a variety of insurance products and services in Italy including Motor Insurance, "Guida Serena", Home Insurance, "Famiglia Serena", Business Insurance, "Programma Negozio", Professional Indemnity, "Prevenzione Persona", insurance aimed specifically for women, "Donna Serena", insurance for pensioners, students and voluntary workers, "Momenti Liberi "and insurance for students, "Polizza dello Studente".

Progress handles its claims in Palermo, Catania and Naples and at its recently opened claims settlement offices in Sassari.

View the Progress Web Site

Board of Directors

Mr Mario C. Grech, Chairman

Mr Roderick E.D. Chalmers, Director

Mr Albert Mizzi, Director

Mr Jospeh F.X. Zahra, Director

Mr Lino Spiteri, Director

Mr Stephen Gauci, Chief Executive Officer

Sig. Ra Nunzia Ciotta, Dirigente

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