Argus Acquires FirstUnited Insurance Brokers in Malta

Hamilton, Bermuda (May 27, 2019) - The Argus Group has just announced its intention to acquire FirstUnited Insurance Brokers Limited ("FirstUnited"), an insurance brokerage firm that provides professional insurance broking services to individuals and businesses in Malta. The transaction is subject to receipt of all regulatory approvals.

For many years The Argus Group has successfully operated independent brokerage and insurance companies in Bermuda, Gibraltar and most recently in Malta, inclusive of Argus Insurance Company (Europe) Limited, Malta Branch and Island Insurance Brokers Limited. This latest acquisition is very much part of Argus' strategic intent to diversify and expand its global business operations outside of Bermuda. Adding FirstUnited to the Argus Group strengthens its international presence and expands its existing broking capabilities in the Maltese market.

Ms. Alison Hill, Chief Executive Officer, The Argus Group, says: "I'm delighted to announce that Argus is acquiring FirstUnited to help broaden our global footprint. The market leading reputation of FirstUnited's client centric culture, technical and employee benefits expertise and service excellence align very strongly to the Argus brand, making FirstUnited a very natural fit with the Argus Group."

Ms. Hill also noted, "The Argus Group Management and Board recognise that Malta has a proven track record of strong economic development, has exciting market growth potential and many commonalities with the other jurisdictions in which we operate. We are excited and committed to growing our presence in Malta, where we have operated since 2010 and the acquisition of FirstUnited is a significant step in that direction."

Mr. Salvino Mifsud Bonnici, Chairman of FirstUnited, says: "Joining the Argus Group is a positive step for our company. The size of Argus means that FirstUnited will benefit from access to global financial services professionals, technology and resources, including a strong regulatory, governance and compliance regime, enhanced internal business processes and best practice procedures that will improve our client offerings."

Ms. Hill adds: "We value the contribution that FirstUnited will bring to the group. Under the terms of the acquisition, FirstUnited will retain its name and continue to operate independently from other Malta-based businesses within the Argus Group. FirstUnited senior management will continue to lead the company, operate from their existing office location and retain the FirstUnited brand. FirstUnited employs 25 people and there are no planned redundancies as a result of the acquisition."