Big chunk of government insurance brokerage business transferred to ex Super One chairman’s company this year
Alfred Mifsud
Alfred Mifsud, ex chairman of the Labour Party’s TV and radio broadcaster Super One, is known for his investment advisory company Crystal Finance, in which he is in partnership with John Dalli.
Dalli’s daughter Claire Gauci Borda became a director there last year.
When he was still an EU Commissioner and barred from any such interaction, Dalli used to the visit the offices of Crystal Finance, generally after hours when the risks of his being seen by staff were minimal.
He was, however, seen several times.
But Alfred Mifsud also has two other companies: an insurance company, Allcare Insurance, and an insurance brokerage company, Allcare Insurance Brokers.
This year alone, a big chunk of the government’s insurance brokerage business was transferred to Allcare Insurance Brokers. The list includes the following:
Public Broadcasting Authority
Malta Competition and Consumer Affairs Authority
Transport Malta (public transport, bus fleet)
MITA
Malta Industrial Parks
Mediterranean Conference Centre
Enemalta (interconnector cable)
Lotteries & Gaming Authority
Allcare Insurance Brokers also has the brokerage business for Gozo Channel Co Ltd. It first got that business in 2011 but was reappointed this year after a second tender process.
The brokerage business for Wasteserv and Kordin Grain Terminal is also currently in the process of being transferred to Allcare Insurance Brokers.
11 Comments Comment
Leave a Comment
http://www.independent.com.mt/articles/2014-11-17/local-news/Public-transport-Maltese-consortium-likely-to-take-government-to-court-6736125843
This little Mizzi went to Spain….
Could be called Triple-A (AAA) Insurance: Ahtaf, Ahtaf, u Ahtaf.
Great name for a firm of Labour lawyers. Nice Middle Eastern ring to it.
We need Alfred Sant and his theories here.
The insurance industry normally works as follows: the broker would typically get, as a minimum, an arrangement fee (read “commission”) of around the equivalent of the first year’s premium (+/-) depending very much on the business underwritten.
You would need an insurance broker to work out a very near approximate of what Alfred Mifsud is getting, but I suspect that it runs into millions.
What about the commission due on each premium paid annually?
An insurance broker would take a commission, sometimes as much as 30% of the premium, and this at every renewal.
It would be interesting to see what the Malta Financial Services Authority is doing about conflicts of interest and anti-competitive practices in this matter.
I work in the UK and if I dealt with a firm where a friend of mine worked, I would be filling out forms and reporting potential conflicts as the FCA is very tight on this.
It’s a dirty job but somebody has to do it.
It’s not called “all care” for nothing. If he didn’t get them “all” he’d have to change the company name.
Taghna Ukoll