Argus Group Buys Malta Insurance Agency
Argus has expanded their international holdings with the acquisition of a Maltese insurance agency.
Argus Insurance Company (Europe) has bought its long-time Malta agent Fogg Insurance Agencies, which employs 22 staff, for an undisclosed sum.
“Small communities, small markets need to look outside themselves for opportunities,” said Gerald Simons, Argus’ Bermuda-based President and CEO the Malta-based Gilbratar Chronicle reports. “This acquisition is something that provides opportunities for the sharing of knowledge and expertise.”
The Chronicle also reports that Mr Simons said that Argus recognised that it was important to diversify globally beyond the head office and operations in Bermuda, and they look to expand into similar jurisdictions, small markets where larger companies do not operate and the legal and insurance traditions are English.
Argus is not trying to “notch up conquests” but rather acquire profitable businesses that meet the needs and expectations of both shareholders and staff, Mr Simons told the Chronicle.
“We’re not hell bent on moving into territory after territory, but we do keep our eyes open,” he added.
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