Mapfre Middlesea p.l.c. (MTSE:MMS) entered into a preliminary agreement to acquire insurance portfolio from Allcare Insurance Ltd on May 29, 2015. Allcare Insurance's headquarters in Msida will be retained but its branches in Naxxar, Birkirkara and Mosta. The transaction is subject to regulatory approvals from the relevant authorities. As of June 3, 2015, an application was made to the Malta Financial Services Authority for the approval.

Mapfre Middlesea entered into sale of business agreement to acquire insurance portfolio from Allcare Insurance for €1.6 million on July 27, 2015. €1.1 million will be payable within seven days of the completion date, and a deferred payment of up to a maximum of €0.5 million shall be payable over a three year transitory period commencing on the completion date. None of the individuals considered key to the running by Allcare of the Allcare Business as at the completion date are being absorbed by Mapfre Middlesea. Allcare and Mapfre Middlesea also entered into a portfolio transfer agreement, pursuant to which Allcare is to transfer to Mapfre Middlesea the general insurance business portfolio of Allcare as at July 1, 2015 on a going concern basis. As a condition to completion of the transaction, including transfer of the portfolio, the approval of the MFSA is required. Completion of the transaction is to take place on 31 July 2015.

Mapfre Middlesea p.l.c. (MTSE:MMS) completed the acquisition of insurance portfolio from Allcare Insurance Ltd on July 31, 2015.