GlobalCapital plc – Transaction relating to insurance broking business

GlobalCapital p.l.c. (the "Company") announced that its subsidiary GlobalCapital Insurance Brokers Limited ("GCIB") has entered into an agreement to divest the portfolio of its insurance broking business to Mediterranean Insurance Brokers (Malta) Limited of 53, MIB House, Abate Rigord Street, Ta' Xbiex, XBX 1122 Malta ("MIB").

The transfer of GCIB's insurance broking business portfolio to MIB will be effective from 01 October 2013, after which date GCIB will cease voluntarily to carry on the business of insurance broking. The Company has selected MIB as it believes MIB is ideally suited to take over GCIB's insurance broking business portfolio and to care for the on-going interests of GCIB's existing insurance broking clients.

GCIB's exit from the insurance broking market is in line with the Company's stated objective to focus on the group's life and health insurance businesses and its complimentary investment services business. The Company continues to dedicate its efforts to improving operational efficiencies, developing distribution channels and enhancing its product and service offerings across its core insurance businesses.

To view the official company announcement, click here.