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Sea Malta opens
insurance broking firm
by Franco Aloisio
National sea carrier line Sea Malta yesterday launched a new
insurance broking company – Flagstone Insurance Brokers
Ltd. The aim behind the creation of this company is to exploit
the insurance training, knowledge and expertise that had been
acquired over the years mostly in the area of maritime and related
insurances. Flagstone, which has been authorised by the Malta
Financial Services Centre to act as an insurance broker under
the provisions of the Insurance Business Act, will offer insurance
consultancy, claims service and assistance, together with advice
on risk management and control.
Sea Malta chairman Marlene Mizzi said during the launch of Flagstone
at the Hilton Hotel that Sea Malta’s experience in the
maritime insurance business goes back to over 24 years when
Mediterranean Insurance Brokers was set up.
“Although Sea Malta has been involved in insurance broking
for the past five years, it has seen fit to restructure and
set up its very own company,” Ms Mizzi said.
She added: “Flagstone will aim to combine innovation and
foresight in those areas of the insurance market where it has
the right skills thus giving it the opportunity to focus on
niche market business. Such a strategy leads to a clear understanding
of the needs of clients, and places the company in a unique
position where it can provide a total solution
for their individual insurance requirements.”
Ms Mizzi said Flagstone Insurance Brokers will be offering a
specialised broking service centred around cost effective and
flexible tailor-made insurance packages that truly reflect the
risks of the particular client.
“Such programmes include insurance consultancy, claims
service and assistance, as well as advice on risk management
and control. All this coupled with the quality, high level of
service and expertise of our personnel guarantee the provision
of the right solutions for today’s clients’ increasingly
complex insurance problems,” Ms Mizzi said.
Sea Malta’s chairman added that the setting up of Flagstone
Insurance Brokers also forms part of the company’s ongoing
efforts to diversify its business and penetrate new areas of
operation so as to transform them into new business opportunities.
The inauguration activity of Flagstone Insurance Brokers Ltd
was addressed also by Minister for Economic Services Josef Bonnici.
In his speech, Prof. Bonnici said the setting up of an insurance
broking company will open up Sea Malta’s operations.
“Sea Malta has assessed its strengths and weaknesses and
has decided to take the bold step and move into the insurance
business,” Prof. Bonnici said.
He added that Sea Malta operates in an extremely competitive
and difficult environment. The company is strengthening its
core maritime operations, while expanding into new areas. Prof.
Bonnici said European Union membership will bring with it several
new opportunities for Sea Malta.
Sea Malta employs a total of 146 people and has two subsidiary
companies – Flagstone Insurance Brokers, and MedFeeder.
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