Citadel Insurance Co history

In 1984 the Citadel Group set up Citadel Reinsurance Company Limited (“Citadel Re”) in Bermuda, to take advantage of a more stable political and administrative climate.

Citadel insurance plc originates from the successful business partnership between Assitalia Spa of Italy and its former agents in Malta – Citadel Insurance Services Ltd which was set up in November 1989.

In 1992 HSBC sold its minority shareholding in the Citadel Group to the majority shareholder, in line with the bank’s general policy of retaining only controlling stakes.

Citadel Insurance plc was established as a public limited company on the 19th of June 1997 and commenced its operations on the 1st of September 1997.

On the 9th of March 1998 Citadel became a composite insurance company after authorisation by the Malta Financial Services Authority to transact Life Insurance business.

At the end of 1999, Citadel launched the PERLA range of Life Insurance Products, consisting of the PERLA Retirement and the PERLA Protection Plans.

In 2005 Citadel Risk Management, Inc. (“CRMI”) was incorporated as a wholly-owned subsidiary of Citadel Re.

In 2007 Citadel International Reinsurance Company Limited (“CIRCL”) was established in Bermuda as a segregated accounts company wholly owned by Citadel Re.

In October 2011, Citadel expanded its product portfolio by establishing its subsidiary Citadel Health Insurance Agency Ltd enrolled to transact health insurance products.