Middlesea Insurance plc – Interim Directors’ Statement

Middlesea Insurance plc announced that the first quarter of 2013 has been characterised by a positive result. On the life portfolios, the recovery of premium volumes, followed a year in which the Group had reported a substantial drop in revenues. In non-life business, the loss of a large agency has impacted the Company's top-line premiums written figure with minor impact on its technical results. The Board of Directors is reasonably confident that the trend set during this early stage of the financial year will be maintained as the year develops.

Settlement, by the Company, of the subordinated loan slightly lowered the statutory solvency position of Middlesea Insurance plc, which however remains strong compared to the regulatory requirements.

To view the official company announcement, click here.