APS, Atlas, GasanMamo and Maltapost joint venture gets regulatory approval to offer life insurance

Ivalife Insurance Ltd has been licensed to carry out the business of life insurance after receiving clearance from the competition authorities

Ivalife will offer life insurance products
Ivalife will offer life insurance products

A joint venture between APS Bank, Atlas Insurance, GasanMamo Insurance and Maltapost has been cleared by regulators to enter the life insurance market.

Each of the four companies have a 25% stake in Ivalife Insurance Ltd.

Ivalife was recently cleared by the competition authority and subsequently licenced by the Malta Financial Services Authority to carry out the business of life insurance.

The authorisation is for Ivalife to write long-term business in relation to risks situated in Malta for life and annuity and linked long-term products.

Marcel Cassar, APS Bank CEO said: “We congratulate the IVALIFE management team for their commitment and we welcome this authorisation as the company now gears up to start business. We look forward to working with the team and our esteemed partners to grow this project into a strong player that will create value to the market, the community and for us as shareholders.”