13 - 19 January 2000

Atlas and Capital to merge and represent AXA Insurance

by Anthony Manduca

As a result of the acquisition of Guardian Royal Exchange Insurance by the giant international AXA insurance group, the local agents of both Guardian and AXA are to merge. The AXA Group has so far been represented in Malta by Capital Insurance Services Ltd while Guardian has been represented in Malta by Atlas Insurance Agency. It has now been agreed that Capital will merge into Atlas which will consequently represent AXA in Malta as from next month, when the relevant regulatory authorities are expected to approve the merger.

Walter Camilleri, the chairman of Atlas Insurance agency, told The Malta Business Weekly:

"We are very pleased about the AXA connection and look forward to offering new insurance products. The worldwide AXA Group has one overriding goal, that of setting the standards worldwide in its business. Access to the AXA world through the resources of Atlas Insurance will give clients even better products and services all across the spectrum of financial services."

Michael Gatt, managing director of Capital Insurance, said: "This merger will strengthen the position of AXA in Malta and will benefit all our policy holders. We can assure all Capital's clients that through Atlas we shall continue to give them the same personal commitment that they have been given so far." He added:

"As a result of increased competition we have witnessed a number of mergers in the local insurance market and I am sure that others will follow suit."

Capital Insurance staff will soon be joining their new partners at the offices of Atlas Insurance Agency in Ta' Xbiex. The merger will not affect the insurance cover of any of the two companies' clients.

The AXA Group has about 130,000 employees and agents throughout the world and is a world leader in financial services focused on insurance and asset management. In 1998 its revenue amounted to US$64.5bn and its had assets under management of US$655bn. In 1998 it had earnings of US$1.7bn, 58 per cent of which came from life insurance. Seventy five per cent of its shareholder base is publicly owned.