HISTORY - Bonnici Insurance - Malta
Bonnici Insurance Agency Ltd. was set up in Malta in the early months of 1987 following an appointment to act as the local agents of a British insurance company.
Since its establishment Bonnici Insurance Agency Ltd. has built up a significant portfolio of fire, accident, personal lines, motor and marine business.
This success has been achieved by the total commitment to provide the best possible service to our clients and as a result of the hard work of our Chairman, Mr. George Bonnici, whose experience in the local insurance market spans over half a century. Moreover, one cannot ignore the dedicated assistance of the other members of the Board, management and staff, a factor that has strongly contributed to our reputation.
In September 1991, our then foreign principals took a strategic corporate decision to withdraw from a number of overseas markets. Unfortunately Malta was one of those countries affected by this decision and it meant that we could no longer write new and renewal business on behalf of this foreign principal as from 1 May 1992.
In order to safeguard our clients' interests, we entered into an arrangement whereby the existing portfolio was transferred to Middlesea Insurance plc who had agreed to accept the business on the same terms and conditions.
In fact, all the business originally written by our foreign principal in Malta was transferred in the smoothest of manners to the new insurer for whom we were subsequently appointed as official agents in May 1994, making Bonnici Insurance Agency Ltd the longest established agency of Malta’s largest composite insurance group.
The Malta Financial Services Authority (MFSA) is responsible for the licensing, regulation and supervision of insurance providers. The MFSA also licenses, regulates and supervises banking, companies and investment services.
All licensed insurers transacting insurance business in Malta are members of the Association of Insurance Companies. This association is involved in various aspects of insurance and serves to bring together all licensed agents to air their views as one voice with the relevant authorities that may be involved in each particular circumstance.
Turning now to the non-life Maltese insurance market we would advise that other than the Middlesea Insurance plc there are four other local insurance companies together with a number of agents of some of these local and other foreign insurance companies.
In common with these representatives Bonnici Insurance is presently underwriting all forms of non-life insurances including motor, fire, accident, liability and marine. In this our twentieth year anniversary we have recently returned to our newly extensively refurbished offices situated on the main thoroughfare to Sliema, Malta’s main commercial centre.
As Malta is a full EU member the financial services legislation is modelled on that used in the EU.