The Argus Group has expended its reach overseas after its Gibraltar-based insurance unit bought a business in Malta.

Argus Insurance Company (Europe) acquired Fogg Insurance Agencies for an undisclosed sum, the Gibraltar Chronicle reported. The acquired business in Valetta employs 22 staff and will now report to the Gibraltar office.

Fogg was the agent used by Argus's Gibraltar office to write insurance business in Malta.

Argus CEO Gerald Simons and chairman Sheila Nicholl travelled to Malta last week to meet with regulators and company executives.

Andy Baker, the Gibraltar-based head of Argus in Europe, will keep tabs on both offices and divide his time between the tiny British territory off the south coast of Spain and Malta.

The deal was revealed at a time when Argus Group had voluntarily halted trading in its shares on the Bermuda Stock Exchange (BSX) after the company acknowledged its failure to give adequate notice of its annual general meeting. Argus said it expected the halt in trading to last around six weeks. That announcement came from the insurer, pension provider and investment group on Monday, August 2 - exactly six weeks ago.

"Small communities, small markets need to look outside themselves for opportunities," Mr. Simons told the Gibraltar Chronicle. "This acquisition is something that provides opportunities for the sharing of knowledge and expertise."

Mr. Simons said Argus recognised that it was important to diversify globally beyond the head office and operations in Bermuda.

The insurer looks to expand into similar jurisdictions, small markets where larger companies do not operate and the legal and insurance traditions are English.

Argus is not trying to "notch up conquests" but rather acquire profitable businesses that meet the needs and expectations of both shareholders and staff, Mr. Simons said.

"We're not hell bent on moving into territory after territory, but we do keep our eyes open," he added.

Argus hopes to take advantage of Malta's efforts to put greater emphasis on its financial services sector and growth opportunites for the insurance sector. "They have quite an aggressive plan to increase the financial services contribution to the economy," Ms Nicoll said.

The Malta operation will move into new premises and is set to get a new computer system, the Chronicle reported. And some staff from Bermuda and Gibraltar were involved in an exchange programme, working week-long stints in Malta to pass on their knowledge, skills and experience.