MIB - Company History
Mediterranean Insurance Brokers (MIB) started off in 1976, a time when Malta was undergoing heavy economic and social developments post the island’s independence in 1964. The need for a professional domestic insurance market was being felt especially with the creation of locally based heavy industries, shipping and aviation operations. Through the active support of the Hogg Robinson Group (the company’s first offshore partner) together with others, it has been able to give this service and to place business at Lloyds and in other international markets.
Commencing with its first client, Sea Malta Limited, the new company was required to advise upon some of the most technically complex aspects of insurance. In the quest for its own objectives the Company had been instrumental in the forming of a number of other companies which have had a major impact upon the development of the insurance Industry in Malta. In 1979 Mediterranean Survey Bureau Limited (MSB) was formed thus giving the insurance and cargo handling markets a sophisticated range of services of a type likely to be found only in major international ports.
In 1981 Middle Sea Insurance Company Limited (MSI) was formed as a public company registered in Malta that undertook both insurance and reinsurance in respect of most classes of insurance business including life assurance. Taking full advantage of Malta’s unique position, the company’s reinsurance department channeled through Malta the business of many insurance companies operating in a number of countries.
MIB was instrumental in the creation of the unique Mediterranean Insurance Training Centre (MITC) and the development of the Centre to a point where it became one of the leading institutions in the Mediterranean region. MITC is now taken over and managed by the Malta Financial Services Authority (MFSA).
MIB continued to prosper for many years. In 1998, in the course of a series of major international mergers and acquisitions by Aon Corporation, MIB became Aon Malta Limited after its UK partner, Bain Hogg, was taken over by Aon, the world’s premier insurance broking and risk consulting network. Aon’s involvement in Malta continued to enhance the creation of value that MIB could offer to clients through knowledgeable, flexible and innovative solutions, from mitigating risk to improving human resources.
Following Malta’s membership of the European Union (EU) in 2004 the company was rebranded as Mediterranean Insurance Brokers Limited (MIB) following a management buyout. Since then MIB has continued to increase investment in human resources, company offices and technical infrastructure.
Today MIB continues to correspond with Aon and other major international specialist intermediaries, and is the island’s largest insurance broker and risk consultants firm.