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Malta: Insurers concerned over MaltaPost's continued interest in nonlife sector

January 3, 2014 - 6:00am

Maltese insurers have expressed concerns over MaltaPost P.L.C.'s continued interest in forming a partnership with Middlesea Insurance P.L.C. for nonlife insurance despite a failed agreement, the Times of Malta reports.

The two companies' previous partnership plan had run into trouble after insurers said the indirect entry of MaltaPost's major shareholder Lombard Bank Malta P.L.C. would violate rules that bar banks from selling nonlife insurance. Sources said several government sections are against allowing banks to "dominate nonlife the way that they did life insurance."

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