Bermudian insurance firm Argus aims to acquire a Maltese broker in a bid to diversify and expand its global reach.

Alison Hill, chief executive officer of Argus, said the firm is to acquire Island Insurance Brokers on the Mediterranean island.

Ms Hill added: “The alignment of Island’s client-centric culture and service excellence to the Argus brand, ‘our interest is you’, makes Island a very natural fit for the company.”

Lawrence Pavia, managing director of Island, said: “Joining the Argus Group is a big step forward for our company.

“Its combined scale means that Island will benefit from access to global financial services professionals, technology and resources, including a strong governance and compliance programme, enhanced internal business processes and best practice procedures that will enhance our client offerings.”

Ms Hill said Island would continue to operate independently and under its current management from the Bermuda firm’s existing Malta subsidiary, Argus Insurance Agencies.

A company statement said: “Adding Island to the Argus Group strengthens its international presence and grows its existing portfolio through additional complementary lines of business.”

The statement added: “Argus has successfully operated both independent brokerage services and insurance companies in the same jurisdiction for many years.

“In Gibraltar, Argus owns and operates WestMed Insurance Services Ltd, an independent insurance intermediary, alongside Argus Insurance Company (Europe) Ltd.

“In addition, Argus has successfully run Centurion Insurance Services Ltd, a highly regarded broking business in Bermuda, separately from its two other insurance operations, for more than 20 years.”

The Maltese Island Insurance Brokers employs a total of 28 people, with all of them expected to be retained under the new ownership.