Allcare Insurance sold to Middlesea

Alfred Mifsud, deputy governor of the Central Bank

Eric Schembri receiving the prime minister when he paid a visit to the offices of Allcare Insurance

This website broke the news some weeks ago that Allcare Insurance, which is in serious financial difficulties, was looking for a buyer and in negotiations with Middlesea.

The company had close to Eur2 million in accumulated losses as at 31 December last, and had solvency issues with the Malta Financial Services Authority.

Now I can break the news that the deal was concluded yesterday and there is likely to be a company announcement today. UPDATED/A company announcement was made this morning.

Officials of the Malta Financial Services Authority were in the offices of Allcare Insurance over the last few days, conducting some kind of research. Employees have not been told what is to become of them and are very worried.

Allcare Insurance is owned by Eric Schembri and by the deputy governor of the Central Bank, Alfred Mifsud. They acquired the company through yet another of John Dalli’s historic deals. The company was originally state-owned and Eric Schembri was appointed to the chairmanship by Minister Dalli.

Minister Dalli then decided that it should be ‘privatised’ and the chairman himself bought it, with Alfred Mifsud and some input from Dalli’s consultancy clients the Tumas Group.